Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Terry Lyon who wrote (1532)	11/30/1998 11:16:00 AM
From: Colin Cody	Read Replies (1) of 5810

If there is a buyer for the shares, yes you must sell them to get a loss. If the company is out of business, all assets are gone, charter revoked, and of course no market then in the year it went worthless you get the tax loss. If you have the shares at home, sell them for $1 to a friend who is not a relative. If they are at your broker, ask broker to buy them. Some brokers do this as a service. If you have a friend with the same broker, sell shares to friend for $1 and instruct the broker to transfer shares to friend's account. The date of the transfer would be your tax loss date. Colin

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