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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: KYA27 who wrote (835)3/30/1998 1:52:00 AM
From: MJ  Read Replies (2) | Respond to of 5810
 
KYA27

I ask my broker the same question the other day. I was hoping to give my daughter stock which I had bought at a very low price and had hoped the current higher price would be her basis.

Per broker, the stock's basis to her will be the same as my basis. Since she is in a lower tax bracket, then if she were to sell she would pay less in capital gains.

Hope I am wrong--or someone can tell me how to transfer $10K worth of stock more advantageously.

MJ



To: KYA27 who wrote (835)3/30/1998 10:34:00 AM
From: Colin Cody  Respond to of 5810
 
The gift you described is less than the annual filing requirement of $10,000.01 so if that's the only gift made, NO you have no filing requirements for FEDERAL purposes.

Your STATE may have a filing requirement.

The gift in your example has a basis of $5,000. The holding period is the SAME as if it were in your hands.

Colin


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