It is my understanding that if you give appreciated stock to your adult children you do not owe capital gains tax at the time of the transfer of the stock, and the recipient starts with the new basis as of the date of the receipt of the gifted stock (provided you stay under the limit of gift tax). Is this correct?If yes, what specific documentation needs to be kept by the donor (me) and the recipient about the transaction and for how long?Thank you very much in advance for anybody's answers.
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