| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 814.1 | The following topic didn't have any useful info? | NETRIX::michaud | Jeff Michaud, UC1 | Thu Jan 05 1995 01:38 | 1 |
| 678 GRILLA::LALIBERTE 9-FEB-1994 6 TRANSFERRING ASSETS/GIFTS/TAXES, etc.
|
| 814.2 | | POWDML::DLANE | Debbi | Thu Jan 05 1995 12:35 | 3 |
| Thanks for the pointer...
Debbi
|
| 814.3 | Stock Tax ? | POWDML::DLANE | Debbi | Tue Jan 10 1995 15:19 | 7 |
| Okay, I went back and read note #678 but that still didn't answer my
question. Since the stock was received as a gift, it has decreased
in value considerably. Can that money (the difference between what it
was worth when it was received and what it sold for) be taken as a loss
on taxes (since at all times it was under $10,000).
Debbi
|
| 814.4 | a guess | NETCAD::FLOWERS | Hub Engineering - Dan | Tue Jan 10 1995 16:14 | 8 |
| > Can that money (the difference between what it
> was worth when it was received and what it sold for) be taken as a loss
> on taxes (since at all times it was under $10,000).
Since it was a gift of less than 10,000, then doesn't it look (to the gov't)
like you bought the stock with your own money? And thus the loss is yours too?
Dan
|
| 814.5 | Do more research | POBOXB::SMELSER | | Wed Jan 11 1995 11:18 | 10 |
| Please check elsewhere to be sure, but I think that your cost basis for
the gift is the same as the cost basis to the person who made the gift
to you (*not* the value of the gift when you received it). This means
that any loss incurred since the gift was made may only reduce the gain
in value since the original owner purchased it. Of course, *maybe* the
original owners cost basis was higher than its current value, in which
case you do get a tax benefit when you sell.
Note that this rule is different from inheriting property, where the
cost basis *is* the value when the person dies.
|
| 814.6 | anyone know for usre the answer to .0 | NETCAD::FLOWERS | High Performance Networking; Dan | Tue Jan 23 1996 15:37 | 4 |
| This is an old topic -- but I'm still curious what the right answer is...does
anyone know?
Dan
|
| 814.7 | Get the book | TLE::EKLUND | Always smiling on the inside! | Tue Jan 23 1996 16:31 | 17 |
| I thought the answer would be simple, but it is not. Get a
current copy (I have an older one) of Publication 17, and look under
Gains and Losses, particularly Basis. The example given is that you
are given an acre of land as a gift with a FMV of $8000, but the
donor's adjusted basis was $10,000. If you later sell for $12,000,
you have a $2000 gain, but if you sell at $7000, you have a $1000
loss! Any price between $8000 and $10000 results in neither a gain
nor a loss.
There are also other factors, such as whether a gift tax was paid
(over $10,000), and whether the property was transferred from a spouse.
Hope this helps...
Cheers!
Dave Eklund
|