The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Transfer Stock||Date: 6/10/2003 4:10 PM|
|Author: dsemmler||Number: 65765 of 122319|
A couple of years ago, I worked at an Internet startup company that had an IPO. As an employee, I had the option to buy shares at the IPO price less 15%.
My father and brother-in-law each gave me some money to buy some stock for them as well. Looking back, I would never do this again for various reasons but I did it. The stock is in my name to this date and has lost nearly all of it's value.
Granted we aren't talking about a lot of money here but is there a way for me to transfer this stock to them so they can realize the loss on their taxes if they decide to sell it. I had asked them awhile back and they both said for me just to keep holding it but I want this stock out of my portfolio so I can wash my hands of it.
So my questions are,
1. How do I transfer the stock to them?
2. Are there any tax implications to transferring this stock to them?
3. What is their cost basis for the stock?
I don't know a lot about this so I appreciate any information. Thanks.
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