[[I was gifted stocks valued at $10,000 in 1992. I sold them in 1999. For purposes of figuring capital gains, do I use the donor's basis when he bought the stock back in 1941, or is the basis different because of the market value of the stock just before it was gifted in 1992.]]As UU pointed out, you are stuck with the donor's basis (the basis of the person who gave you the shares). So MAKE SURE that person provided you with the PROOF of the basis (such as purchase confirmations back from 1941). You can read more about this and other gift/basis issue in the Taxes FAQ area. You might want to check it out.TMF TaxesRoyWant to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Don't be the LAST one on your block to own this masterpiece, since it's sellin' fast. Remember: It's never to early to start planning for your 1999 taxes. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.
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