Discussion:Basis of Stock given to family member
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Discussion Forum Index --> Tax Questions --> Basis of Stock given to family member
| 22 June 2007 | |
| I have a friend who has received annual gifts of $20,000 from her parents of stock. What is her cost basis if any. If this was a non profit her parents could have taken a deduction of the fair market value at time of transfer and she thinks she should have the same benefit. I have never encounter anyone who has been as fortunate to encounter this issue but to me she has a zero basis but I cannot find any cite that addresses this issue. Can anyone give some guidence on this?
Thanks | |
Death&Taxes (talk|edits) said: | 22 June 2007 |
| Her basis is that of her parents, unless for some reason the FMV on date of gift was less than what they paid for the stock. I would highly doubt that if they had competent professionals advising them. | |
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