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Don't know yet if it's a loss or not...
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Posted by RedAeroGirl [Email] (more from RedAeroGirl) on Mon, 22 Nov 2004 09:33:39 Share Post by Email
In Reply to: Re: Way OT, selling stock, Dean, Mon, 22 Nov 2004 08:19:18
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In a nutshell, the situation is this:
Received original stock as a gift. Stock later spun off various companies, which then had other spin-offs, and so on. So we never paid for any of the stock that we now own, which means the loss of all that potential value, while depressing, doesn't actually generate a capital loss for us.
I won't know if the IRS thinks it's a loss or a gain until I go through all those awful basis worksheets for each one of these companies. But whether it turns out to be a loss or a gain, and whatever brokerage commissions we end up paying, doesn't matter because we're selling anyway.
Why? Well, because the only reason we didn't sell before was to avoid tax hassles. But our AT&T Wireless stock got eaten up in the Cingular merger, and we received a check for the value. So the decision to have to finally deal with the basis calculations and the capital gains was made for us. It seems to make sense to sell it all at once since I will probably end up having to hire an accountant, whose services will cost much more than the tiny amount of money we'll realize from selling these nearly-worthless tech and telecom stocks (7 shares at $1.35 per share and so on).
There are a few that we're keeping, but only those where we have larger holdings or that are "old economy" businesses.

Many thanks for the advice.

posted by 206.40.162...

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