Transferred Stocks in 1993, sold 2017 taxes
My mother was getting sick so we had her transfer her stocks over to us in 1993 so we wouldn't lose them to a care facility.
I recently sold some shares to help pay for my child's wedding. Do I need to pay taxes on the full amount of the sale, or just what the profit was since it was transferred to me?
Wells Fargo did send me a document that shows the cost per share at the time they took it over. It was sears stock with split out to many places. The 1099B only shows the amount for the sale of the stock.
(1)1 Comments
Sorted by latest first Latest Oldest Best
Assuming the stock was worth more at the time she gave it to you than when she bought it, the cost basis would be the amount that she bought it for. You would then pay tax on the increase in value from that time.
Generally it's better to inherit assets than receive them as gifts, since the cost basis of inherited assets is raised to the value at the time of the death of the one leaving the inheritance.
You will probably need to find some record of the original amount paid so you can determine the right cost basis.
Terms of Use Privacy policy Contact About Cancellation policy © freshhoot.com2025 All Rights reserved.