Discussion:1099 - B Nominee ?
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Discussion Forum Index --> Basic Tax Questions --> 1099 - B Nominee ?
Discussion Forum Index --> Tax Questions --> 1099 - B Nominee ?
Landon5784 (talk|edits) said: | 29 March 2008 |
| Last remaining Parent dies 6/30/07. Children sell parents stock 7/5/07 (1 week later) resulting in a 1099-B being issued in Parents SS# with $60,000 worth of LT gains because basis was cost on Parents date of purchase. Had Children transfered/inherited stocks into their names/accounts and then sold $0 LT gains because basis would then have been FMV at Parents date of death (1 week earlier).
Wachovia is not about to reissue a 1099-B under these circumstances, so any ideas on how I can Nominee stock sales off of parents return and onto childrens returns? On Schedule D maybe? | |
| 30 March 2008 | |
| show cost basis of $60,000 on schedule D. Gain will be zero. Move on. | |
Landon5784 (talk|edits) said: | 30 March 2008 |
| Thanks DZCPA...that was what I had sort of planned to do. Want to keep the work at a minimal.
What would we do without these "Do It Yourself Trustees and Executors" ? | |
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