Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: MJ who wrote (836)	3/30/1998 11:18:00 AM
From: Taxboy	Read Replies (1) of 5810

If your daughter is under 14, her income might be taxed at your rate. Otherwise, she takes your basis and if she sells the difference between her sales price and her "carryover" basis is her gain, and would be taxed at 10% if its is a long term capital gain and she is in the lowest tax bracket. This is a good way to make annual fgifts and i have been advising my clients to do this.

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