Discussion:Gift of stock
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| Revision as of 12:12, 17 March 2009 Bonnie (Talk | contribs) (New Discussion) ← Previous diff |
Revision as of 12:28, 17 March 2009 Chris2lane (Talk | contribs) (You will have a) Next diff → |
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| {{ForumNewPost|UserID=Bonnie|Date=17 March 2009|Text=I'm having a hard time finding the info I need. My client received a gift of stock from her mother. Her mother's basis is 4000. | {{ForumNewPost|UserID=Bonnie|Date=17 March 2009|Text=I'm having a hard time finding the info I need. My client received a gift of stock from her mother. Her mother's basis is 4000. | ||
| The daughter immediately sold it for 10,000. Does she have a 6000 gain? Is it the basis that was gifted or the FMV? I have as many opinions on the issue as dollars gifted. The most authoritative source I've found is Quickbooks which seems to say yes. I can't fihd my answer in the IRS code or in prior discussions. Of course my client needs an answer I can verify is correct. }} | The daughter immediately sold it for 10,000. Does she have a 6000 gain? Is it the basis that was gifted or the FMV? I have as many opinions on the issue as dollars gifted. The most authoritative source I've found is Quickbooks which seems to say yes. I can't fihd my answer in the IRS code or in prior discussions. Of course my client needs an answer I can verify is correct. }} | ||
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| + | {{ForumReplyPost|UserID=Chris2lane|Date=March 17, 2009|Text=You will have a carryover basis when the donee will report a '''gain''' on the sale of the gift. If a loss will be reported, the basis is the lower of the donor's basis or the FMV of the property on the date of the gift. }} | ||
Revision as of 12:28, 17 March 2009
Discussion Forum Index --> Advanced Tax Questions --> Gift of stock
Discussion Forum Index --> Tax Questions --> Gift of stock
| 17 March 2009 | |
| I'm having a hard time finding the info I need. My client received a gift of stock from her mother. Her mother's basis is 4000.
The daughter immediately sold it for 10,000. Does she have a 6000 gain? Is it the basis that was gifted or the FMV? I have as many opinions on the issue as dollars gifted. The most authoritative source I've found is Quickbooks which seems to say yes. I can't fihd my answer in the IRS code or in prior discussions. Of course my client needs an answer I can verify is correct. | |
Chris2lane (talk|edits) said: | March 17, 2009 |
| You will have a carryover basis when the donee will report a gain on the sale of the gift. If a loss will be reported, the basis is the lower of the donor's basis or the FMV of the property on the date of the gift. | |
