<< I'm 31, I make $190k and I've been buying tech stocks for a few years (MSFTs, INTCs, CSCOs). I don't sell. Because I don't sell, I haven't seen the need for an IRA (I'm disqualified from any tax deduction -- I think). However, the speculative bug has hit me recently, so I think I'll dabble and shield my winnings from capital gains taxes. >>Are you covered by any sort of pension plan, including 401(k)'s, at work? If not, an IRA contribution is deductible. Even if you can't make a deductible IRA contribution or participate in a Roth, you can still defer taxation on gains in the IRA unitl you retire.<< My question is: Can I convey my $2,000 contribution to the IRA in the form of already-owned stock? Would it be considered a sale (complete with capital gains) and a subsequent purchase or would my basis in the stock be the purchase price I paid before I set up the IRA? >>It's a change in ownership, from you to the IRA custodian for your benefit. Sorry, you'd have to recognize the gain.Phil MartiTax Preparer
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra