[[When it comes to gifting stock, generally:), your basis is passed on to the person to whom you make the gift. If the stock was worth $15,000 and your basis was only $10,000, the amount of that gift would be $10,000. Are you sure about this? I thought it was a $15,000 gift, and the recipient had a $10,000 basis in the stock. This could be important to me; I've been studying the possible uses of some stock I have with essentially zero basis.]]I think Jack just got tounge tied on this one. I do it all the time. I think that what Jack was trying to say was that the BASIS of the gift in the hands of the person receiving the gift would amount to $10k. I'm sure that Jack knows that if the FMV of the shares was $15k at the date of the gift, the actual gift would be valued at $15k, and the person making the gift would have to use up part of his/her unified credit for the amount of the give in excess of the $10k limit ($5k in this example).I KNOW that Jack knows this because he has provided the correct answer many times in the past. Most likely was just thinking faster than he could type. As I say, it happens to me ALL the time. TMF TaxesRoy
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