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: RavMan who wrote (1628)	12/18/1998 8:57:00 PM
From: Colin Cody	Read Replies (2) of 5810

Few days I had asked you about transferring shares when they have stopped trading for $1 to my fried's account. Can I claim a loss LEGALLY on a security XYZ that is trading at a loss (say 30% the price I paid for them) by transferring them to my friend's account at the same brokerage Rav, Yes, a US citizen may sell a stock certificate to another US citizen for fair market value in a bona-fide transaction, deliver/transfer the certificate to the buyer/friend (having it "titled to him") and then recognize the loss of IRS purposes. i.e it is basically exactly the same as selling through a broker. All you need do is fully document the transaction. Colin

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