Message Font: Serif | Sans-Serif
No. of Recommendations: 0
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.



Print the post  


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.
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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.