Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.1 6/24/83; site eosp1.UUCP Path: utzoo!watmath!clyde!floyd!harpo!ulysses!allegra!princeton!eosp1!grant From: grant@eosp1.UUCP (Rich Grant) Newsgroups: net.taxes Subject: Re: Claiming IRA losses and expenses? Message-ID: <727@eosp1.UUCP> Date: Thu, 22-Mar-84 14:34:39 EST Article-I.D.: eosp1.727 Posted: Thu Mar 22 14:34:39 1984 Date-Received: Fri, 23-Mar-84 20:55:04 EST Organization: Exxon Office Systems, Princeton, NJ Lines: 14 Re: <2018@saturn.UUCP> Mark Scott Johnson doesn't know of anyplace in the tax code that allows something to be deducted twice. Here is one: Say you have owned some investment (stock, gems, collectibles, whatever) long enough to qualify for long term capital gains, and the time has come to sell at a profit. If you wish to make a donation to a charitable organization, you can get a double deduction by giving away the investment. Since the item is not sold, no tax is paid on the gain. The "fair market value" however may be taken as a deduction. Does anyone know if IRA accounts can be given away? If things were reasonable, I would guess that this would incur the tax and possible penalties of any other withdraw from an IRA. But then again, if things were reasonable, . . . .