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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Colin Cody who wrote (1581)12/10/1998 4:36:00 PM
From: RavMan  Read Replies (1) | Respond to of 5810
 
But who would buy them. Could I just sell it to a friend.
The broker won't buy it because we are not sure if it will
trade again or not. Now do I need to call the TA for the stock
or broker for certificates?

Thanks,
Rav



To: Colin Cody who wrote (1581)12/10/1998 4:38:00 PM
From: W.F. Schwertley  Read Replies (1) | Respond to of 5810
 
To Anyone,

I could use some information on year end taxes. From what I gather, if I have a $5,000 loss at the end of the year from my stock portfolio, I can only deduct a maximum of $3,000 from my income for tax purposes. So, no matter how much I lose on stocks during the year, I am always limited to the $3,000 maximum deduction on income.

Is this correct? I do appreciate any information.

Thanks,
WFS



To: Colin Cody who wrote (1581)12/18/1998 4:22:00 PM
From: RavMan  Read Replies (1) | Respond to of 5810
 
Colin:
Can I take a loss on any share and not only the one that is
not trading currently by transferring them at FMV to my friend's
account?

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.

Thanks,
Rav


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