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Started By
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ESOP STOCK
Posted on 4/28/17 at 2:30 pm
Posted on 4/28/17 at 2:30 pm
I worked for a company that had an esop plan for its employee's....the stock lost 35% of its value one year now that I'm retired and being forced to either cash it out or do a rollover can I deduct this loss on my taxes in 2017.
I received a letter yesterday stating that all former employees had to sell their stock this fall....what does this tell you about the company...I'm 60 years old
I received a letter yesterday stating that all former employees had to sell their stock this fall....what does this tell you about the company...I'm 60 years old
This post was edited on 4/28/17 at 10:17 pm
Posted on 4/28/17 at 2:36 pm to tigers1956
How old are you? Does the stock have a realized appreciation from when you bought it?
This post was edited on 4/28/17 at 2:37 pm
Posted on 4/28/17 at 2:42 pm to tigers1956
was this in your retirement account or a regular account?
If you have capital losses, you can take it. Although there are rules about how much per year, offsetting gains, etc. Pretty sure the limit is $3000. You can roll over your losses though.
If you have capital losses, you can take it. Although there are rules about how much per year, offsetting gains, etc. Pretty sure the limit is $3000. You can roll over your losses though.
Posted on 4/28/17 at 2:53 pm to tigers1956
It depends on whether you made purchases with pre tax money or after tax money. You may need to talk to a CPA to find out. There are special rules for ESOP's that may affect you.
Posted on 4/28/17 at 3:23 pm to jerryc436
quote:
pre tax money or after tax mone
Not necessarily
quote:
You may need to talk to a CPA to find out. There are special rules for ESOP's that may affect you.
But definitely this. Company stock inside an employer sponsored retirement plan can generate NUA and be distributed solely from the plan after age 55, receive no penalty, the basis be taxed as income and the gains be taxed as a cap gain. You definitely need to talk to someone about your situation and plan before you do anything though.
Ex. You retire from Apple with $500k of Apple stock. Say $50k is the basis and $450k is cap gains. You could make a distribution of all that and pay income on the $50k and a much more favorable Cap gains rate on the $450k.
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