We use Schwab and realized that when we sell stock in our club to give a withdrawing (deceased) member his percentage in cash; the total membership has to pay the capital gains tax!
Our club is made up of "ROMEO's" and have been around for awhile so some of the withdrawals are large with good capital gains. So taxes are getting to be significant.
When K1's come out he is paying his capital gains. And so is the rest of the club!?!
What am I missing? Not understanding? Do about it?
ps Schwab does not allow us to transfer stock to a withdrawal member.
thanks
Dan Cohn NAMC Investment Club #3
SB on
One can see the capital gains apportioned to each partner on the 'Member Tax Allocation Report'. Each partner will realize a gain/loss on assets that are sold in proportion to their interest in the partnership.
We use Schwab and realized that when we sell stock in our club to give a withdrawing (deceased) member his percentage in cash; the total membership has to pay the capital gains tax!
Our club is made up of "ROMEO's" and have been around for awhile so some of the withdrawals are large with good capital gains. So taxes are getting to be significant.
When K1's come out he is paying his capital gains. And so is the rest of the club!?!
What am I missing? Not understanding? Do about it?
ps Schwab does not allow us to transfer stock to a withdrawal member.
thanks
Dan Cohn NAMC Investment Club #3
John Grajczyk on
I have been following these issues we are having and was wondering is there anyone else besides Schwab that we could deal with that operates like tdAmeritrade. The distribution of assets or transfer of stocks upon a members departure and the capital gains reponsibilities is a big change for us. Can anyone explain if this is just a Schwab policy?
One can see the capital gains apportioned to each partner on the 'Member Tax Allocation Report'. Each partner will realize a gain/loss on assets that are sold in proportion to their interest in the partnership.
We use Schwab and realized that when we sell stock in our club to give a withdrawing (deceased) member his percentage in cash; the total membership has to pay the capital gains tax!
Our club is made up of "ROMEO's" and have been around for awhile so some of the withdrawals are large with good capital gains. So taxes are getting to be significant.
When K1's come out he is paying his capital gains. And so is the rest of the club!?!
What am I missing? Not understanding? Do about it?
ps Schwab does not allow us to transfer stock to a withdrawal member.
thanks
Dan Cohn NAMC Investment Club #3
Maggie Distler on
I have also been following this thread. We are looking to disband. I have called Schwab 4 different times and have had 4 different versions of what we must do. I finally had a gal tell me to call and ask for the Complex team. (they didn't come in until later, I had called to early for them) It took me awhile to get to them, the person I had on the phone thought they could handle it. I had to repeat myself a few times. I was told during 2 of my 4 calls that as long as the person opened a Schwab account, stocks could be transferred. The person from the Complex team said the same and there is a form they have, which I printed out you put their Schwab account number on it and it contains how you want to send the stock. FIFO, etc. One of reps asked if I had an actual office close to me, which I did not, they suggested going through them. Good Luck
On Friday, September 29, 2023 at 08:15:05 AM EDT, John Grajczyk via bivio.com <user*36432700001@bivio.com> wrote:
I have been following these issues we are having and was wondering is there anyone else besides Schwab that we could deal with that operates like tdAmeritrade. The distribution of assets or transfer of stocks upon a members departure and the capital gains reponsibilities is a big change for us. Can anyone explain if this is just a Schwab policy?
One can see the capital gains apportioned to each partner on the 'Member Tax Allocation Report'. Each partner will realize a gain/loss on assets that are sold in proportion to their interest in the partnership.
We use Schwab and realized that when we sell stock in our club to give a withdrawing (deceased) member his percentage in cash; the total membership has to pay the capital gains tax!
Our club is made up of "ROMEO's" and have been around for awhile so some of the withdrawals are large with good capital gains. So taxes are getting to be significant.
When K1's come out he is paying his capital gains. And so is the rest of the club!?!
What am I missing? Not understanding? Do about it?
ps Schwab does not allow us to transfer stock to a withdrawal member.
thanks
Dan Cohn NAMC Investment Club #3
Judy Simonson on
I believe Fidelity allows stock transfers to club members. We are looking into these issues because we haven't been transferred yet. Also I know Siebert allows it but it doesn't offer as much stock research as TD, Schwab or Fidelity.
I can't believe Schwab is still doing this to investment clubs! Terrible policy. And some staff at Schwab know it!!
Judy
On Sep 29, 2023, at 8:28â¯AM, Maggie Distler via bivio.com <user*9437600001@bivio.com> wrote:

I have also been following this thread. We are looking to disband. I have called Schwab 4 different times and have had 4 different versions of what we must do. I finally had a gal tell me to call and ask for the Complex team. (they didn't come in until later, I had called to early for them) It took me awhile to get to them, the person I had on the phone thought they could handle it. I had to repeat myself a few times. I was told during 2 of my 4 calls that as long as the person opened a Schwab account, stocks could be transferred. The person from the Complex team said the same and there is a form they have, which I printed out you put their Schwab account number on it and it contains how you want to send the stock. FIFO, etc. One of reps asked if I had an actual office close to me, which I did not, they suggested going through them. Good Luck
On Friday, September 29, 2023 at 08:15:05 AM EDT, John Grajczyk via bivio.com <user*36432700001@bivio.com> wrote:
I have been following these issues we are having and was wondering is there anyone else besides Schwab that we could deal with that operates like tdAmeritrade. The distribution of assets or transfer of stocks upon a members departure and the capital gains reponsibilities is a big change for us. Can anyone explain if this is just a Schwab policy?
One can see the capital gains apportioned to each partner on the 'Member Tax Allocation Report'. Each partner will realize a gain/loss on assets that are sold in proportion to their interest in the partnership.
We use Schwab and realized that when we sell stock in our club to give a withdrawing (deceased) member his percentage in cash; the total membership has to pay the capital gains tax!
Our club is made up of "ROMEO's" and have been around for awhile so some of the withdrawals are large with good capital gains. So taxes are getting to be significant.
When K1's come out he is paying his capital gains. And so is the rest of the club!?!
What am I missing? Not understanding? Do about it?
ps Schwab does not allow us to transfer stock to a withdrawal member.
thanks
Dan Cohn NAMC Investment Club #3
Donna OConnnell on
My investment club uses Schwab
We transfer stocks to a withdrawing members personal Schwab account.
I believe Fidelity allows stock transfers to club members. We are looking into these issues because we haven't been transferred yet. Also I know Siebert allows it but it doesn't offer as much stock research as TD, Schwab or Fidelity.
I can't believe Schwab is still doing this to investment clubs! Terrible policy. And some staff at Schwab know it!!
I have also been following this thread. We are looking to disband. I have called Schwab 4 different times and have had 4 different versions of what we must do. I finally had a gal tell me to call and ask for the Complex team. (they didn't come in until later, I had called to early for them) It took me awhile to get to them, the person I had on the phone thought they could handle it. I had to repeat myself a few times. I was told during 2 of my 4 calls that as long as the person opened a Schwab account, stocks could be transferred. The person from the Complex team said the same and there is a form they have, which I printed out you put their Schwab account number on it and it contains how you want to send the stock. FIFO, etc. One of reps asked if I had an actual office close to me, which I did not, they suggested going through them. Good Luck
I have been following these issues we are having and was wondering is there anyone else besides Schwab that we could deal with that operates like tdAmeritrade. The distribution of assets or transfer of stocks upon a members departure and the capital gains reponsibilities is a big change for us. Can anyone explain if this is just a Schwab policy?
One can see the capital gains apportioned to each partner on the 'Member Tax Allocation Report'. Each partner will realize a gain/loss on assets that are sold in proportion to their interest in the partnership.
We use Schwab and realized that when we sell stock in our club to give a withdrawing (deceased) member his percentage in cash; the total membership has to pay the capital gains tax!
Our club is made up of "ROMEO's" and have been around for awhile so some of the withdrawals are large with good capital gains. So taxes are getting to be significant.
When K1's come out he is paying his capital gains. And so is the rest of the club!?!
What am I missing? Not understanding? Do about it?
ps Schwab does not allow us to transfer stock to a withdrawal member.
thanks
Dan Cohn NAMC Investment Club #3
Michael Grove on
Further the Withdrawal report will allocate that portion of unrealized Capital Gains to the withdrawing member in proportion to their share of holdings still held, while those still in the club continue to realize appreciation on unrealized Capital gains still held by the club.
One can see the capital gains apportioned to each partner on the 'Member Tax Allocation Report'. Each partner will realize a gain/loss on assets that are sold in proportion to their interest in the partnership.
We use Schwab and realized that when we sell stock in our club to give a withdrawing (deceased) member his percentage in cash; the total membership has to pay the capital gains tax!
Our club is made up of "ROMEO's" and have been around for awhile so some of the withdrawals are large with good capital gains. So taxes are getting to be significant.
When K1's come out he is paying his capital gains. And so is the rest of the club!?!
What am I missing? Not understanding? Do about it?
ps Schwab does not allow us to transfer stock to a withdrawal member.
thanks
Dan Cohn NAMC Investment Club #3
Judy Simonson on
This is great news! Can you share more details as to what forms you file or process you use to transfer stocks to withdrawing members.
Thanks,
Judy
On Sep 29, 2023, at 11:15â¯AM, Donna OConnnell via bivio.com <user*23240500001@bivio.com> wrote:
My investment club uses Schwab
We transfer stocks to a withdrawing members personal Schwab account.
I believe Fidelity allows stock transfers to club members. We are looking into these issues because we haven't been transferred yet. Also I know Siebert allows it but it doesn't offer as much stock research as TD, Schwab or Fidelity.
I can't believe Schwab is still doing this to investment clubs! Terrible policy. And some staff at Schwab know it!!
I have also been following this thread. We are looking to disband. I have called Schwab 4 different times and have had 4 different versions of what we must do. I finally had a gal tell me to call and ask for the Complex team. (they didn't come in until later, I had called to early for them) It took me awhile to get to them, the person I had on the phone thought they could handle it. I had to repeat myself a few times. I was told during 2 of my 4 calls that as long as the person opened a Schwab account, stocks could be transferred. The person from the Complex team said the same and there is a form they have, which I printed out you put their Schwab account number on it and it contains how you want to send the stock. FIFO, etc. One of reps asked if I had an actual office close to me, which I did not, they suggested going through them. Good Luck
I have been following these issues we are having and was wondering is there anyone else besides Schwab that we could deal with that operates like tdAmeritrade. The distribution of assets or transfer of stocks upon a members departure and the capital gains reponsibilities is a big change for us. Can anyone explain if this is just a Schwab policy?
One can see the capital gains apportioned to each partner on the 'Member Tax Allocation Report'. Each partner will realize a gain/loss on assets that are sold in proportion to their interest in the partnership.
We use Schwab and realized that when we sell stock in our club to give a withdrawing (deceased) member his percentage in cash; the total membership has to pay the capital gains tax!
Our club is made up of "ROMEO's" and have been around for awhile so some of the withdrawals are large with good capital gains. So taxes are getting to be significant.
When K1's come out he is paying his capital gains. And so is the rest of the club!?!
What am I missing? Not understanding? Do about it?
ps Schwab does not allow us to transfer stock to a withdrawal member.
thanks
Dan Cohn NAMC Investment Club #3
Dan Cohn on
Went by local Schwab office today; after a lot of checking they will not transfer stock outside of Schwab!
I believe Fidelity allows stock transfers to club members. We are looking into these issues because we haven't been transferred yet. Also I know Siebert allows it but it doesn't offer as much stock research as TD, Schwab or Fidelity.
I can't believe Schwab is still doing this to investment clubs! Terrible policy. And some staff at Schwab know it!!
I have also been following this thread. We are looking to disband. I have called Schwab 4 different times and have had 4 different versions of what we must do. I finally had a gal tell me to call and ask for the Complex team. (they didn't come in until later, I had called to early for them) It took me awhile to get to them, the person I had on the phone thought they could handle it. I had to repeat myself a few times. I was told during 2 of my 4 calls that as long as the person opened a Schwab account, stocks could be transferred. The person from the Complex team said the same and there is a form they have, which I printed out you put their Schwab account number on it and it contains how you want to send the stock. FIFO, etc. One of reps asked if I had an actual office close to me, which I did not, they suggested going through them. Good Luck
I have been following these issues we are having and was wondering is there anyone else besides Schwab that we could deal with that operates like tdAmeritrade. The distribution of assets or transfer of stocks upon a members departure and the capital gains reponsibilities is a big change for us. Can anyone explain if this is just a Schwab policy?
One can see the capital gains apportioned to each partner on the 'Member Tax Allocation Report'. Each partner will realize a gain/loss on assets that are sold in proportion to their interest in the partnership.
We use Schwab and realized that when we sell stock in our club to give a withdrawing (deceased) member his percentage in cash; the total membership has to pay the capital gains tax!
Our club is made up of "ROMEO's" and have been around for awhile so some of the withdrawals are large with good capital gains. So taxes are getting to be significant.
When K1's come out he is paying his capital gains. And so is the rest of the club!?!
What am I missing? Not understanding? Do about it?
ps Schwab does not allow us to transfer stock to a withdrawal member.
thanks
Dan Cohn NAMC Investment Club #3
--
Dan Cohn 404 862 5640
Kim Brown on
Interesting. I checked with my Schwab office this morning. We are transferring stock and cash to a withdrawing member form Schwab to Fidelity. Wonder why we are getting different information? Keep checking.
I believe Fidelity allows stock transfers to club members. We are looking into these issues because we haven't been transferred yet. Also I know Siebert allows it but it doesn't offer as much stock research as TD, Schwab or Fidelity.
I can't believe Schwab is still doing this to investment clubs! Terrible policy. And some staff at Schwab know it!!
I have also been following this thread. We are looking to disband. I have called Schwab 4 different times and have had 4 different versions of what we must do. I finally had a gal tell me to call and ask for the Complex team. (they didn't come in until later, I had called to early for them) It took me awhile to get to them, the person I had on the phone thought they could handle it. I had to repeat myself a few times. I was told during 2 of my 4 calls that as long as the person opened a Schwab account, stocks could be transferred. The person from the Complex team said the same and there is a form they have, which I printed out you put their Schwab account number on it and it contains how you want to send the stock. FIFO, etc. One of reps asked if I had an actual office close to me, which I did not, they suggested going through them. Good Luck
I have been following these issues we are having and was wondering is there anyone else besides Schwab that we could deal with that operates like tdAmeritrade. The distribution of assets or transfer of stocks upon a members departure and the capital gains reponsibilities is a big change for us. Can anyone explain if this is just a Schwab policy?
One can see the capital gains apportioned to each partner on the 'Member Tax Allocation Report'. Each partner will realize a gain/loss on assets that are sold in proportion to their interest in the partnership.
We use Schwab and realized that when we sell stock in our club to give a withdrawing (deceased) member his percentage in cash; the total membership has to pay the capital gains tax!
Our club is made up of "ROMEO's" and have been around for awhile so some of the withdrawals are large with good capital gains. So taxes are getting to be significant.
When K1's come out he is paying his capital gains. And so is the rest of the club!?!
What am I missing? Not understanding? Do about it?
ps Schwab does not allow us to transfer stock to a withdrawal member.
thanks
Dan Cohn NAMC Investment Club #3
--
Dan Cohn 404 862 5640
ira smilovitz on
Most, if not all, brokers will transfer stocks internally between accounts that have different titles, but will only transfer stocks to a different broker when the receiving account is titled exactly the same as the originating account. It's part of their controls to avoid possible fraudulent actions.
Interesting. I checked with my Schwab office this morning. We are transferring stock and cash to a withdrawing member form Schwab to Fidelity. Wonder why we are getting different information? Keep checking.
I believe Fidelity allows stock transfers to club members. We are looking into these issues because we haven't been transferred yet. Also I know Siebert allows it but it doesn't offer as much stock research as TD, Schwab or Fidelity.
I can't believe Schwab is still doing this to investment clubs! Terrible policy. And some staff at Schwab know it!!
I have also been following this thread. We are looking to disband. I have called Schwab 4 different times and have had 4 different versions of what we must do. I finally had a gal tell me to call and ask for the Complex team. (they didn't come in until later, I had called to early for them) It took me awhile to get to them, the person I had on the phone thought they could handle it. I had to repeat myself a few times. I was told during 2 of my 4 calls that as long as the person opened a Schwab account, stocks could be transferred. The person from the Complex team said the same and there is a form they have, which I printed out you put their Schwab account number on it and it contains how you want to send the stock. FIFO, etc. One of reps asked if I had an actual office close to me, which I did not, they suggested going through them. Good Luck
I have been following these issues we are having and was wondering is there anyone else besides Schwab that we could deal with that operates like tdAmeritrade. The distribution of assets or transfer of stocks upon a members departure and the capital gains reponsibilities is a big change for us. Can anyone explain if this is just a Schwab policy?
One can see the capital gains apportioned to each partner on the 'Member Tax Allocation Report'. Each partner will realize a gain/loss on assets that are sold in proportion to their interest in the partnership.
We use Schwab and realized that when we sell stock in our club to give a withdrawing (deceased) member his percentage in cash; the total membership has to pay the capital gains tax!
Our club is made up of "ROMEO's" and have been around for awhile so some of the withdrawals are large with good capital gains. So taxes are getting to be significant.
When K1's come out he is paying his capital gains. And so is the rest of the club!?!
What am I missing? Not understanding? Do about it?
ps Schwab does not allow us to transfer stock to a withdrawal member.
I believe Fidelity allows stock transfers to club members. We are looking into these issues because we haven't been transferred yet. Also I know Siebert allows it but it doesn't offer as much stock research as TD, Schwab or Fidelity.
I can't believe Schwab is still doing this to investment clubs! Terrible policy. And some staff at Schwab know it!!
I have also been following this thread. We are looking to disband. I have called Schwab 4 different times and have had 4 different versions of what we must do. I finally had a gal tell me to call and ask for the Complex team. (they didn't come in until later, I had called to early for them) It took me awhile to get to them, the person I had on the phone thought they could handle it. I had to repeat myself a few times. I was told during 2 of my 4 calls that as long as the person opened a Schwab account, stocks could be transferred. The person from the Complex team said the same and there is a form they have, which I printed out you put their Schwab account number on it and it contains how you want to send the stock. FIFO, etc. One of reps asked if I had an actual office close to me, which I did not, they suggested going through them. Good Luck
I have been following these issues we are having and was wondering is there anyone else besides Schwab that we could deal with that operates like tdAmeritrade. The distribution of assets or transfer of stocks upon a members departure and the capital gains reponsibilities is a big change for us. Can anyone explain if this is just a Schwab policy?
One can see the capital gains apportioned to each partner on the 'Member Tax Allocation Report'. Each partner will realize a gain/loss on assets that are sold in proportion to their interest in the partnership.
We use Schwab and realized that when we sell stock in our club to give a withdrawing (deceased) member his percentage in cash; the total membership has to pay the capital gains tax!
Our club is made up of "ROMEO's" and have been around for awhile so some of the withdrawals are large with good capital gains. So taxes are getting to be significant.
When K1's come out he is paying his capital gains. And so is the rest of the club!?!
What am I missing? Not understanding? Do about it?
ps Schwab does not allow us to transfer stock to a withdrawal member.
I believe Fidelity allows stock transfers to club members. We are looking into these issues because we haven't been transferred yet. Also I know Siebert allows it but it doesn't offer as much stock research as TD, Schwab or Fidelity.
I can't believe Schwab is still doing this to investment clubs! Terrible policy. And some staff at Schwab know it!!
I have also been following this thread. We are looking to disband. I have called Schwab 4 different times and have had 4 different versions of what we must do. I finally had a gal tell me to call and ask for the Complex team. (they didn't come in until later, I had called to early for them) It took me awhile to get to them, the person I had on the phone thought they could handle it. I had to repeat myself a few times. I was told during 2 of my 4 calls that as long as the person opened a Schwab account, stocks could be transferred. The person from the Complex team said the same and there is a form they have, which I printed out you put their Schwab account number on it and it contains how you want to send the stock. FIFO, etc. One of reps asked if I had an actual office close to me, which I did not, they suggested going through them. Good Luck
I have been following these issues we are having and was wondering is there anyone else besides Schwab that we could deal with that operates like tdAmeritrade. The distribution of assets or transfer of stocks upon a members departure and the capital gains reponsibilities is a big change for us. Can anyone explain if this is just a Schwab policy?
One can see the capital gains apportioned to each partner on the 'Member Tax Allocation Report'. Each partner will realize a gain/loss on assets that are sold in proportion to their interest in the partnership.
We use Schwab and realized that when we sell stock in our club to give a withdrawing (deceased) member his percentage in cash; the total membership has to pay the capital gains tax!
Our club is made up of "ROMEO's" and have been around for awhile so some of the withdrawals are large with good capital gains. So taxes are getting to be significant.
When K1's come out he is paying his capital gains. And so is the rest of the club!?!
What am I missing? Not understanding? Do about it?
ps Schwab does not allow us to transfer stock to a withdrawal member.
thanks
Dan Cohn NAMC Investment Club #3
--
Dan Cohn 404 862 5640
Kim Brown on
Here is the form I will use to transfer our Schwab information to Fidelity. I have filled some of the lines with funny information that I was coached to fill. Hope this work for you. Ira Smilovitz may know how this all works and this may not work for everyone the same.
Kim
On Friday, September 29, 2023 at 02:08:24 PM PDT, Donna OConnnell via bivio.com <user*23240500001@bivio.com> wrote:
I believe Fidelity allows stock transfers to club members. We are looking into these issues because we haven't been transferred yet. Also I know Siebert allows it but it doesn't offer as much stock research as TD, Schwab or Fidelity.
I can't believe Schwab is still doing this to investment clubs! Terrible policy. And some staff at Schwab know it!!
I have also been following this thread. We are looking to disband. I have called Schwab 4 different times and have had 4 different versions of what we must do. I finally had a gal tell me to call and ask for the Complex team. (they didn't come in until later, I had called to early for them) It took me awhile to get to them, the person I had on the phone thought they could handle it. I had to repeat myself a few times. I was told during 2 of my 4 calls that as long as the person opened a Schwab account, stocks could be transferred. The person from the Complex team said the same and there is a form they have, which I printed out you put their Schwab account number on it and it contains how you want to send the stock. FIFO, etc. One of reps asked if I had an actual office close to me, which I did not, they suggested going through them. Good Luck
I have been following these issues we are having and was wondering is there anyone else besides Schwab that we could deal with that operates like tdAmeritrade. The distribution of assets or transfer of stocks upon a members departure and the capital gains reponsibilities is a big change for us. Can anyone explain if this is just a Schwab policy?
One can see the capital gains apportioned to each partner on the 'Member Tax Allocation Report'. Each partner will realize a gain/loss on assets that are sold in proportion to their interest in the partnership.
We use Schwab and realized that when we sell stock in our club to give a withdrawing (deceased) member his percentage in cash; the total membership has to pay the capital gains tax!
Our club is made up of "ROMEO's" and have been around for awhile so some of the withdrawals are large with good capital gains. So taxes are getting to be significant.
When K1's come out he is paying his capital gains. And so is the rest of the club!?!
What am I missing? Not understanding? Do about it?
ps Schwab does not allow us to transfer stock to a withdrawal member.
I believe Fidelity allows stock transfers to club members. We are looking into these issues because we haven't been transferred yet. Also I know Siebert allows it but it doesn't offer as much stock research as TD, Schwab or Fidelity.
I can't believe Schwab is still doing this to investment clubs! Terrible policy. And some staff at Schwab know it!!
I have also been following this thread. We are looking to disband. I have called Schwab 4 different times and have had 4 different versions of what we must do. I finally had a gal tell me to call and ask for the Complex team. (they didn't come in until later, I had called to early for them) It took me awhile to get to them, the person I had on the phone thought they could handle it. I had to repeat myself a few times. I was told during 2 of my 4 calls that as long as the person opened a Schwab account, stocks could be transferred. The person from the Complex team said the same and there is a form they have, which I printed out you put their Schwab account number on it and it contains how you want to send the stock. FIFO, etc. One of reps asked if I had an actual office close to me, which I did not, they suggested going through them. Good Luck
I have been following these issues we are having and was wondering is there anyone else besides Schwab that we could deal with that operates like tdAmeritrade. The distribution of assets or transfer of stocks upon a members departure and the capital gains reponsibilities is a big change for us. Can anyone explain if this is just a Schwab policy?
One can see the capital gains apportioned to each partner on the 'Member Tax Allocation Report'. Each partner will realize a gain/loss on assets that are sold in proportion to their interest in the partnership.
We use Schwab and realized that when we sell stock in our club to give a withdrawing (deceased) member his percentage in cash; the total membership has to pay the capital gains tax!
Our club is made up of "ROMEO's" and have been around for awhile so some of the withdrawals are large with good capital gains. So taxes are getting to be significant.
When K1's come out he is paying his capital gains. And so is the rest of the club!?!
What am I missing? Not understanding? Do about it?
ps Schwab does not allow us to transfer stock to a withdrawal member.