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#6
09-05-2005, 03:33 AM
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 Re: Gain/loss on mutual fund shares received as a gift Thanx to those responding. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#5
09-05-2005, 03:14 AM
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| Re: Gain/loss on mutual fund shares received as a gift "Howard Kaikow" <kaikow[at]standards.com> wrote: - quote - > "Arthur Kamlet" <kamlet[at]panix.com> wrote:
What is so confusing? If you have no gain or loss, then you> > Howard Kaikow <kaikow[at]standards.com> wrote: > > > To simplify exposition, assume FMV was $8,000 on > > > the date of gift and donor's adjusted cost basis > > > was $10,000. > .[text omitted] > > > Now, what is the cost basis if I sell the shares > > > for $9,000. > > It is $8,000 when calculating loss and $10,000 when > > calculating gain. And that means you have neither > > gain nor loss. > That is what I find confusing. > When I report the transaction on Schedule D, I have to > report a cost basis. Is the cost basis $8000 or $10000? basis equals your proceeds. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#4
09-03-2005, 04:16 AM
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| Re: Gain/loss on mutual fund shares received as a gift Howard Kaikow <kaikow[at]standards.com> wrote: - quote - > "Arthur Kamlet" <kamlet[at]panix.com> wrote:
Either report this with a cost of 9000; or report with a> > Howard Kaikow <kaikow[at]standards.com> wrote: > > > To simplify exposition, assume FMV was $8,000 on > > > the date of gift and donor's adjusted cost basis > > > was $10,000. > .[text omitted] > > > Now, what is the cost basis if I sell the shares > > > for $9,000. > > It is $8,000 when calculating loss and $10,000 when > > calculating gain. And that means you have neither > > gain nor loss. > That is what I find confusing. > When I report the transaction on Schedule D, I have to > report a cost basis. Is the cost basis $8000 or $10000? cost of $10,000, and on the next line write "Disallowed Loss" and in the gain/loss column write 1000. That 1000 balances out the loss, and the result is no gain/no loss. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#3
09-03-2005, 03:57 AM
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| Re: Gain/loss on mutual fund shares received as a gift Howard Kaikow wrote: - quote - > When I report the transaction on Schedule D, I have to
Basis = proceeds if you're in the window where you recognize> report a cost basis. Is the cost basis $8000 or $10000? neither gain nor loss. Phoebe  << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#2
09-03-2005, 03:57 AM
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| Re: Gain/loss on mutual fund shares received as a gift - quote - > > > Now, what is the cost basis if I sell the shares
If you sell for $8,000 or less you put down $8,000 as your> > > for $9,000. > > It is $8,000 when calculating loss and $10,000 when > > calculating gain. And that means you have neither > > gain nor loss. > That is what I find confusing. > When I report the transaction on Schedule D, I have to > report a cost basis. Is the cost basis $8000 or $10000? basis. If you sell for $10,000 or more you put down $10,000 as your cost basis. If you sell for between $8,000 and $10,000 you put down your sales proceeds as your cost basis (thus zero gain or loss). -- Rich Carreiro rlcarr[at]animato.arlington.ma.us << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#1
09-02-2005, 02:41 AM
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| Re: Gain/loss on mutual fund shares received as a gift "Arthur Kamlet" <kamlet[at]panix.com> wrote: - quote - > Howard Kaikow <kaikow[at]standards.com> wrote:
..[text omitted]> > To simplify exposition, assume FMV was $8,000 on > > the date of gift and donor's adjusted cost basis > > was $10,000. - quote - > > Now, what is the cost basis if I sell the shares
That is what I find confusing.> > for $9,000. > It is $8,000 when calculating loss and $10,000 when > calculating gain. And that means you have neither > gain nor loss. When I report the transaction on Schedule D, I have to report a cost basis. Is the cost basis $8000 or $10000? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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08-31-2005, 09:01 AM
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| Re: Gain/loss on mutual fund shares received as a gift Howard Kaikow <kaikow[at]standards.com> wrote: - quote - > To simplify exposition, assume FMV was $8,000 on
Yes.> the date of gift and donor's adjusted cost basis > was $10,000. > If I sell the shares for $15,000, it is my > understanding that the cost basis is $10,000 + any > adjustments (due to re-invested distributions) > to cost basis since date of gift. > If I sell the shares for $5,000, it is my > understanding that the cost basis is $8,000 + any > adjustments (due to re-invested distributions) > to cost basis since date of gift. > Is the above correct? - quote - > Now, what is the cost basis if I sell the shares
It is $8,000 when calculating loss and $10,000 when> for $9,000. calculating gain. And that means you have neither gain nor loss. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#-1
08-31-2005, 12:53 AM
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| Gain/loss on mutual fund shares received as a gift To simplify exposition, assume FMV was $8,000 on the date of gift and donor's adjusted cost basis was $10,000. If I sell the shares for $15,000, it is my understanding that the cost basis is $10,000 + any adjustments (due to re-invested distributions) to cost basis since date of gift. If I sell the shares for $5,000, it is my understanding that the cost basis is $8,000 + any adjustments (due to re-invested distributions) to cost basis since date of gift. Is the above correct? Now, what is the cost basis if I sell the shares for $9,000. -- http://www.standards.com/; See Howard Kaikow's web site. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
| Tags |
| fund, gain or loss, gift, mutual, received, shares |
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