Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Can anyone answer this? I've gotten various answers from so-called experts.

My Mom passed away 2 yrs ago, leaving us with some stock. She had put all her
children's names on the stock, as well as her own. We didn't have any control over
the stock, but if she ever wanted to sell any, we all had to sign the ok. It was willed
to us, and was considered a major part of her estate, putting her over the $650,000
cap of non-taxable. Is this stock to be considered a Gift, since it had our names on
it, subject to a cost basis of when she added our names? Or is it an inheritance, the
cost basis being the day of death? It makes a big difference when it comes to paying
capital gains, or claiming a loss, since the stock has nose-dived since her death.

My broker (I inherited her too) doesn't know diddly about this, and my tax advisor
didn't know about the names on the stock. I forgot about that, and thought they were
strictly inherited. If it was a gift, then how can it also be part of her estate, causing us
to have to pay State taxes on the amount over 650,000?
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.