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Financial Planning / Tax Strategies


Subject:  More on Worthless Stock Date:  12/18/1998  11:57 PM
Author:  mklee Number:  7353 of 127745

Hi all,

After I've read the FAQ on worthless stock,
I began browsing the messages. I just realized
that I've posted a reply to a message that is
dated 12/17/97. So I am posting this again here
under a new topic. Sorry for the double posting.



Hi all,

Several years I bought a stock that has fallen
to pennies now.

I have read the FAQ on worthless stocks and several
messages regarding this topic. Basically, I
need to SELL the stock in order to deduct a tax
loss, i.e. either by selling it to somebody else
or to a relative.

If I can figure out a way to sell it (since m
on-line broker's trading system doesn't recognize
the symbol), I'll have to pay more money because
the sell amount is less than the commission.

According to Yahoo Quote, if I sell it now, I'll
get about $12. My commission is more than $12.
If I sell it to a relative, then the transaction
fee will be also be more than $12. I am already
sad about having bought the stock. Now in order to
deduct it for tax loss, I have to spend more money?

Am I missing something? This just seems so
wrong that I need to spend money to get rid of the


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