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 A valuation allowance is taken when the future benefit of the deferred tax assets is less likely to be realized.
The net loss amounted to $68.85 per share, compared with a net loss of $147 million, or 26 cents per share, in the third quarter of last year.
The results included a $3.5 billion after-tax gain on the $5.4 billion sale of Allison Transmission in August.
Without special items, the company reported a $1.6 billion loss, or $2.80 per share.
The company reported record third-quarter automotive revenue of $43.1 billion and record global sales for the quarter of 2.39 million cars and trucks.
"We continue to implement the key elements of our North America turnaround strategy, and these initiatives are driving steady improvement in our financial results, despite challenging North America market conditions," GM Chairman and Chief Executive Rick Wagoner said in a statement.
[Associated Press; By TOM KRISHER]
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