No. of Recommendations: 1
My condolances on your family loss.
There seems to be a lot of things going on (or have gone on) with this stock, but, taxes are probably the least of your concerns. Normally a new cost basis is established as of the date of death. So the cost basis for you and your brother would be as of the date of your mother's death. Since this was fairly recent you should not have much of a tax liability if you sold the stock now. In fact you might have a capital loss and could use it to your benefit on taxes.
You should probably get the ownership properly transferred from father to mother to you and brother as soon as possible.
I think it would be preferable to sell the stock before it is transferred into your account so it might be best to sell it from your mother's account. Even if the commissions are higher than desired you might avoid an account transfer fee.
There are a lot of unknowns that might affect this process.

Print the post  


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.