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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Colin Cody who wrote (2132)4/11/1999 4:21:00 AM
From: Steve Misic  Read Replies (2) of 5810
 
Colin,

Will you dis-spell two myths for me.
One of my friends sold shares in AOL for a gain this year, 1999.
He also sold shares in another stock for a loss this year, 1999.

myth 1. He thinks if he rolls his AOL gain into another stock within 6 months, he pays no tax on the gain ever. He insists his tax advisor says this is so even though the stock was not in a IRA.

myth 2. He is planning to use the loss from this year to offset gains last year as long as he sold by April 15th.

Don't you love it!
I told him to go to a library and look at a tax book, but he is too busy. I also told him he would look good in stripes.

Maybe you can convince him?

Thanks,
Steve

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