***OT*** Tax basis for transferred mutual funds
Zead,
If the donor is still living, then it's the purchase basis.
Sorry 'bout that.
If the donor has, um, gone on to her or his reward and
bequeathed them to you, then it's the price at close
on the day of death.
We found this out, one, when my mother died and left us
half of her estate, and two, when my still very much alive
father-in-law decided to make us a gift of some shares
a couple of years ago.
Check with your own professional advisor(s), though.
I'm a historian, not a tax expert, an accountant, or
an attorney, blah, blah, blah (disclaimer talk).
Cheers, Tom (long IOM) |
