The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  https://boards.fool.com/deductions-on-sold-shares-in-trust-income-14771212.aspx

Subject:  Deductions on Sold Shares in Trust Income Date:  4/15/2001  12:56 PM
Author:  giraffeneck Number:  50282 of 129726

I`d appreciate if anyone could help out here. I`m not familiar with US tax law and my query goes like this:

About a year ago a dear realtive set up a trust for her grandchildren. She bought a fair number of tech shares and now are about 50% of their previous value. She does not want to part with any of the companies and believes them to be good. Would it be possible for her to sell all her stocks and deduct this loss for tax purposes even if she were to repurchase them a week later? Is this a genuinely legal way of claiming losses and reducing the tax bill?
I`d be grateful for anyone able to shed any light on my question.

Thanks

giraffe


Copyright 1996-2019 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us