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robinob queried:

I am still confused as to what the tax consequenses would be for selling gifted stocks, I'm not sure
about the "basis" determination....My husband and I were both gifted stock from his parents, we
want to sell some of it to pay off some debt...how do we determine what our taxes will be?


As long as his parents were still alive when they gifted the stock to you, your cost basis and holding period are the same for you as they were for his parents. You have to find out what they payed for the stock including such costs as commisions from them and the date they bought the stock. That is deemed your cost basis and holding period by the IRS.
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