a capital loss deduction, would this work?

[abc]

my folks bought a stock back then that IF sold now, would realize a loss.

however, since they don't have much income to report, they won't benefit from using the capital loss as a taxable deduction...

can I use it in any way? I could use deductions...


if they transfer ownership of that stock to me (and how is this done), and then I sell it... can I take the capital loss deduction?

I feel like there's no way that the 'cost basis' could be transferred to me.

 

[jadinolf]

What would YOU have lost?

 

[zer0burn]

dunno American system but depends how long youve held onto the stock before you sold it. YOu could create a superficial loss and no one would be able to claim it. Plus it can only be used aganist capital gains...

YOu cannot use it I dont think anyways

 

[Hector13]

Originally posted by: abc
my folks bought a stock back then that IF sold now, would realize a loss.

however, since they don't have much income to report, they won't benefit from using the capital loss as a taxable deduction...

can I use it in any way? I could use deductions...


if they transfer ownership of that stock to me (and how is this done), and then I sell it... can I take the capital loss deduction?

I feel like there's no way that the 'cost basis' could be transferred to me.

no, your cost basis would be the current market value (had the stock gone up, your cost basis would have been their original basis).