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#4
07-23-2006, 11:35 PM
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 Re: mut fund gifts "Phil Marti" <prm20871[at]verizon.net> wrote: - quote - > "bill" <bw1945[at]nospamnow.com> wrote:
A big tks for everyone who took the time with this question,> > My friend's wife received mutual fund shares as a gift from > > her mother in law. She redeemed them immediately and now > > wants to know cost basis, is it at time of gift or when the > > shares were originally purchased plus reinvestments.? > The starting point is the donor's basis. If that results in > a loss, the value at the time of transfer comes into play. > See IRS Publication 550. really appreciate it. bw << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#3
07-21-2006, 07:19 PM
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| Re: mut fund gifts "bill" <bw1945[at]nospamnow.com> wrote: - quote - > My friend's wife received mutual fund shares as a gift from
The starting point is the donor's basis. If that results in a> her mother in law. She redeemed them immediately and now > wants to know cost basis, is it at time of gift or when the > shares were originally purchased plus reinvestments.? loss, the value at the time of transfer comes into play. See IRS Publication 550. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
07-21-2006, 07:19 PM
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| Re: mut fund gifts "bill" <bw1945[at]nospamnow.com> wrote - quote - > My friend's wife received mutual fund shares as a gift from
No.> her mother in law. She redeemed them immediately and now > wants to know cost basis, is it at time of gift - quote - > or when the shares were originally purchased plus reinvestments.?
Yes. Have your friends wife ask her mother-in-law what her basis is.-- Paul Thomas, CPA paulthomascpapc[at]bellsouth.net << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
07-21-2006, 07:18 PM
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| Re: mut fund gifts bill wrote: - quote - > My friend's wife received mutual fund shares as a gift from
It's the latter, purchase cost plus reinvested dividends. The> her mother in law. She redeemed them immediately and now > wants to know cost basis, is it at time of gift or when the > shares were originally purchased plus reinvestments.? only time a stepped up basis is used is when stocks/funds/misc is received as an inheritance upon death of the owner. Gifts don't enjoy that perk. JOE << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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07-21-2006, 07:17 PM
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| Re: mut fund gifts bill wrote: - quote - > My friend's wife received mutual fund shares as a gift from
Her (friend's wife) cost basis is the same as what it was to> her mother in law. She redeemed them immediately and now > wants to know cost basis, is it at time of gift or when the > shares were originally purchased plus reinvestments.? her M-I-L. << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
07-21-2006, 06:38 AM
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| mut fund gifts My friend's wife received mutual fund shares as a gift from her mother in law. She redeemed them immediately and now wants to know cost basis, is it at time of gift or when the shares were originally purchased plus reinvestments.? tks all bill << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| fund, gifts, mut |
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