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Author: TMFShogun Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Gift Stock sale Date: 9/26/2000 1:39 PM
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Hi,

Without mentioning any ticker symbols, I'll get right to it:

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? Am I being clueless?

Pardon the what may be basic questions, but this stuff is still pretty foreign to me, even though I'm a Fool!

Thanks for any insight,

TMFShogun
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Author: TMFExRO Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 40332 of 121219
Subject: Re: Gift Stock sale Date: 9/26/2000 6:00 PM
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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.

TMF ExRO
Phil Marti

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Author: TMFShogun Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 40341 of 121219
Subject: Re: Gift Stock sale Date: 9/26/2000 11:12 PM
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Thanks a bunch, ExRO!

Now I know which IRS pubs to check out on their website.

:-) Let the research begin!

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