The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Gift Stock sale||Date: 9/26/2000 6:00 PM|
|Author: TMFExRO||Number: 40332 of 119696|
I'm trying to find information about selling a stock that was purchased for my be my dad one year ago (thanks, Da). The value of the stock has gone down since it was purchased and I want to sell some of my shares.
Since my actual cost basis was $0 (b/c the stock was given to me) am I stuck with a capital gain? or can I count my dad's purchase as my own for capital loss purposes?<?i>
When stock is given away, the donor's basis and holding period go with it. (There's an exception if teh value has declined between the donor's purchase and the gift.) Details are in IRS Publications 550 and 551.
You'll have to get the purchase information from your father.
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