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#6
11-17-2003, 09:06 PM
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 Re: step-up basis for gift - quote - > I gave my niece $8000 worth of Microsoft stock (at market
Your niece "walks in your shoes" for purposes of cost and> value). I bought it originally for $4000. I understand I > dont need to pay capital gains tax. But what about her cost > basis? holding period. You should give her your original purchase information so that she can calculate her gain when she sells it. Mary Ann Thomas, EA in AZ << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
11-15-2003, 06:10 PM
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| Re: step-up basis for gift "csj" <pri32nce[at]sbcglobal.net> wrote - quote - > I gave my niece $8000 worth of Microsoft stock (at market
Your cost basis is given to her with the stock, so her cost> value). I bought it originally for $4000. I understand I > dont need to pay capital gains tax. But what about her cost > basis? basis is $4000. -- Paul A. Thomas, CPA taxman at negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
11-15-2003, 05:51 PM
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| Re: step-up basis for gift "csj" <pri32nce[at]sbcglobal.net> wrote: - quote - > I gave my niece $8000 worth of Microsoft stock (at market
Well, if you were alive when you gave it to her, her cost> value). I bought it originally for $4000. I understand I > dont need to pay capital gains tax. But what about her cost > basis? basis is the same as yours. Stu << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
11-15-2003, 05:32 PM
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| Re: step-up basis for gift - quote - > I gave my niece $8000 worth of Microsoft stock (at market
Her cost basis is your cost basis.> value). I bought it originally for $4000. I understand I > dont need to pay capital gains tax. But what about her cost > basis? Helen, EA in PA Member of The Tax Gang President, PA Society of Enrolled Agents Campaigning for NAEA Board of Directors - Looking for YOUR vote << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
11-15-2003, 05:13 PM
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| Re: step-up basis for gift csj wrote: - quote - > I gave my niece $8000 worth of Microsoft stock (at market
As the FMV on the date of the gift exceeded the cost basis> value). I bought it originally for $4000. I understand I > dont need to pay capital gains tax. But what about her cost > basis? in the hands of the donor, the donor's cost basis of $4000 transfers to the donee. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
11-15-2003, 05:13 PM
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| Re: step-up basis for gift - quote - > I gave my niece $8000 worth of Microsoft stock (at market
It's the $4000 you paid. Gifts carry on the original basis> value). I bought it originally for $4000. I understand I > dont need to pay capital gains tax. But what about her cost > basis? and the original purchase date. Inheritances get the stepped up basis at time of death and are always long term. (There's a minor complication if the FMV at the time of the gift was less than the original basis. But that doesn't apply here.) -- Don EA in Upstate NY << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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11-15-2003, 05:13 PM
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| Re: step-up basis for gift csj <pri32nce[at]sbcglobal.net> wrote: - quote - > I gave my niece $8000 worth of Microsoft stock (at market
4000.> value). I bought it originally for $4000. I understand I > dont need to pay capital gains tax. But what about her cost > basis? When you give someone appreciated property, their cost basis and acquisition date is the same as yours. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
11-14-2003, 02:23 PM
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| step-up basis for gift I gave my niece $8000 worth of Microsoft stock (at market value). I bought it originally for $4000. I understand I dont need to pay capital gains tax. But what about her cost basis? Thanks, Robert << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| basis, gift, stepup |
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