Re: [GNC] Gift of stock
I think it's even more confusing in this case, because tax law does occasionally push the original cost basis to the later generation. I do not understand how it works, but the recipient "inherits" the original cost basis, while the donor declares the value of the gift at market price. I don't profess to understand this fully, and I wouldn't ask for advice on this here. It really needs an expert in estate planning. David T. On Jan 25, 2023, 4:03 AM, at 4:03 AM, David Carlson wrote: >The US allows gifts to go untaxed within certain limits. Capital >gains >can get interesting as well. If you're not certain, talk to your >accountant. > >On Tue, Jan 24, 2023, 6:48 PM Liz Dodd wrote: > >> On Wed, 25 Jan 2023 10:34:51 +1100 >> flywire wrote: >> >> > I doubt your jurisdiction is that naive. I'd expect you'd pay tax >on >> > the $25k capital gain on disposal and your son would have a $30k >> > basis price. >> >> >> I agree, you gave your son the equivalent of $30K, and you get to pay >> tax on the capital gain. >> However if your jurisdiction sees it as your son paying the capital >> gain, then you gave him $5K in your books. >> >> Liz >> ___ >> gnucash-user mailing list >> gnucash-user@gnucash.org >> To update your subscription preferences or to unsubscribe: >> https://lists.gnucash.org/mailman/listinfo/gnucash-user >> - >> Please remember to CC this list on all your replies. >> You can do this by using Reply-To-List or Reply-All. >> >___ >gnucash-user mailing list >gnucash-user@gnucash.org >To update your subscription preferences or to unsubscribe: >https://lists.gnucash.org/mailman/listinfo/gnucash-user >- >Please remember to CC this list on all your replies. >You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Gift of stock
The US allows gifts to go untaxed within certain limits. Capital gains can get interesting as well. If you're not certain, talk to your accountant. On Tue, Jan 24, 2023, 6:48 PM Liz Dodd wrote: > On Wed, 25 Jan 2023 10:34:51 +1100 > flywire wrote: > > > I doubt your jurisdiction is that naive. I'd expect you'd pay tax on > > the $25k capital gain on disposal and your son would have a $30k > > basis price. > > > I agree, you gave your son the equivalent of $30K, and you get to pay > tax on the capital gain. > However if your jurisdiction sees it as your son paying the capital > gain, then you gave him $5K in your books. > > Liz > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > - > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Gift of stock
On Wed, 25 Jan 2023 10:34:51 +1100 flywire wrote: > I doubt your jurisdiction is that naive. I'd expect you'd pay tax on > the $25k capital gain on disposal and your son would have a $30k > basis price. I agree, you gave your son the equivalent of $30K, and you get to pay tax on the capital gain. However if your jurisdiction sees it as your son paying the capital gain, then you gave him $5K in your books. Liz ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
[GNC] Gift of stock
I doubt your jurisdiction is that naive. I'd expect you'd pay tax on the $25k capital gain on disposal and your son would have a $30k basis price. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
[GNC] Gift of stock
Suppose, several years ago, I bought 100 shares of a stock for $5,000. Now, I give these 100 shares to my son and they are now worth $30,000. It seems to me that I need to show: Expenses:Gifts$30,000 That is the amount of wealth that I no longer have. Also, that is the amount that goes on the gift tax return. Since I made no profit, the "sale" of the 100 shares would be for $5,000. Also, that amount would be the basis price for my son. So, do I record the "missing" $25,000 as Unrealized Gain Lost Equity Something else Looking in the Tutorial and Concepts Guide, I got two hits on "gift", neither of which was any help for this. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
