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#9
09-16-2005, 11:40 PM
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 Re: Capital gains Mike wrote: - quote - > Husband and wife have separate brokerage accounts. Husband
Taxable event: No.> bought stock at $100, now worth $150. He transfers this > stock to his wife's account. Is this a taxable event? If not > what is his wife's basis? Basis: Basis transfers from husband to wife. -- Alan http://taxtopics.net << ================================================== ===== > << 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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#8
09-13-2005, 07:28 AM
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| Re: Capital gains "raylopez99" <raylopez99[at]yahoo.com> wrote: - quote - > My two cents--and I'm not a tax professional--is that unless
Sorry, that's incorrect.> the husband is dead, there is a gift tax due (or applied > against the gift tax exemption) for amounts in excess of > $11k. A safer alternative is to transfer the stocks into a > joint account. - quote - > My two cents--I realize in other countries (my answer is for
The US allows unlimited gifts to spouses without tax. In> the US) the answer is different--I believe the UK has an > unlimited gift tax exemption for lifetime gifts between > husband and wife. some cases this actually may have the effect of increasing the total tax payable, without proper planning. Stu << ================================================== ===== > << 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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#7
09-13-2005, 07:09 AM
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| Re: Capital gains Mike <alle[at]yahoo.com> wrote: - quote - > Husband and wife have separate brokerage accounts. Husband
A gift by one spouse to another is not a taxable event. The> bought stock at $100, now worth $150. He transfers this > stock to his wife's account. Is this a taxable event? If not > what is his wife's basis? donee of a gift has the same basis as his donor. Stu << ================================================== ===== > << 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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#6
09-12-2005, 10:49 PM
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| Re: Capital gains Mike wrote: - quote - > Husband and wife have separate brokerage accounts. Husband
Taxable event: No.> bought stock at $100, now worth $150. He transfers this > stock to his wife's account. Is this a taxable event? If not > what is his wife's basis? Basis: Basis transfers from husband to wife. -- Alan http://taxtopics.net << ================================================== ===== > << 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
09-12-2005, 10:49 PM
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| Re: Capital gains My two cents--and I'm not a tax professional--is that unless the husband is dead, there is a gift tax due (or applied against the gift tax exemption) for amounts in excess of $11k. A safer alternative is to transfer the stocks into a joint account. My two cents--I realize in other countries (my answer is for the US) the answer is different--I believe the UK has an unlimited gift tax exemption for lifetime gifts between husband and wife. RL << ================================================== ===== > << 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
09-12-2005, 10:49 PM
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| Re: Capital gains "Mike" <alle[at]yahoo.com> wrote: - quote - > Husband and wife have separate brokerage accounts. Husband
I am going to assume you are not a tax professional.> bought stock at $100, now worth $150. He transfers this > stock to his wife's account. Is this a taxable event? If not > what is his wife's basis? Transfers between spouses are not taxable events. -- 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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#3
09-12-2005, 10:11 PM
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| Re: Capital gains "Mike" <alle[at]yahoo.com> wrote - quote - > Husband and wife have separate brokerage accounts. Husband
No.> bought stock at $100, now worth $150. He transfers this > stock to his wife's account. > Is this a taxable event? - quote - > If not what is his wife's basis?
Wife's basis is his basis, or $100.-- Paul A. Thomas, CPA Athens, Georgia << ================================================== ===== > << 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
09-12-2005, 10:11 PM
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| Re: Capital gains Mike <alle[at]yahoo.com> wrote: - quote - > Husband and wife have separate brokerage accounts. Husband
A gift between spouses is not a taxable event. She keeps his basis.> bought stock at $100, now worth $150. He transfers this > stock to his wife's account. Is this a taxable event? If not > what is his wife's basis? Seth << ================================================== ===== > << 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
09-12-2005, 10:11 PM
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| Re: Capital gains Mike wrote: - quote - > Husband and wife have separate brokerage accounts. Husband
While gifts between spouses are not subject to the usual> bought stock at $100, now worth $150. He transfers this > stock to his wife's account. Is this a taxable event? If not > what is his wife's basis? gift-tax rules and limitations, they are still subject to the cost basis part. Since he paid $100 for the stock, that becomes her basis for any future sales in her name. You cannot avoid the capital gains issue by merely transferring the stock from one spouse to the other, especially if you file a joint return. << ================================================== ===== > << 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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09-12-2005, 10:11 PM
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| Re: Capital gains Mike <alle[at]yahoo.com> writes: - quote - > Husband and wife have separate brokerage accounts. Husband
No.> bought stock at $100, now worth $150. He transfers this > stock to his wife's account. > Is this a taxable event? - quote - > If not what is his wife's basis?
$100.-- 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
09-11-2005, 04:32 AM
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| Capital gains Husband and wife have separate brokerage accounts. Husband bought stock at $100, now worth $150. He transfers this stock to his wife's account. Is this a taxable event? If not what is his wife's basis? << ================================================== ===== > << 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 |
| capital, gains |
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