Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: WPatch Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: Re: Question on dates - selling stock to friend Date: 1/17/2002 7:26 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I read on the site here about selling stock to a friend to take a loss. My question is with the dates. I filled out a transfer form for two stocks and recieved a check from my friend on 12/27/01. I sent the forms in and my brokerage received them on 1/2/02. The deposit for the check was also on 1/2/02. The brokerage returned them to me and asked to have them notarized so the transfer still has not taken place. Is this going to be deductible in 2001 or 2002? The date of the agreement is 12/27/01 but the actual transaction will be well within 2002. Thanks in advance!

The usual end of year treatment-the trade date, not the settlement date, only applies to broker trades. In private trades, the sale date is delivery of the shares. As the shares are held by the broker in street name, the delivery occurs when the shares are transfered to the buyer's account, or the shres are trnsfered by the stock's transfer agent. So the trade will take place in 2002.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Value Hounds

Not Cheering the Shire Deal
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement