The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Wash sale question||Date: 5/24/1999 10:10 PM|
|Author: TMFTaxes||Number: 15688 of 124773|
[[I gave shares of Intel stock to my church last year. I want to give the rest of my
Intel stock later this year. I still want to own Intel, but in my IRA account, so I
am going to buy some more some time this year. Does the wash sale rule apply
when I am giving away the stock, or just when I sell it?]]
Only when you sell the shares...and only when the shares are sold for a loss. The was sale rules only apply to losses where you make yourself "economically whole" by buying additional shares of the same stock.
[[ Is there anything special I
need to watch out for?]]
Well, you might want to read up on the Wash Sale rules AND the rules regarding the charitiable contribution of qualified stock to a qualified charity. Both of those issues are discussed in both the Taxes FAQ area AND the TMF Investment Tax Guide. So check out the Taxes FAQ area and read about other concerns on BOTH issues.
Want to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Don't be the LAST one on your block to own this masterpiece, since it's sellin' fast. Remember: It's never to early to start planning for your 1999 taxes. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.
|Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|