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What is the name of your state?What is the name of your state? New Jersey
Hello Everyone,
I have a couple of questions about transferring a stock for gift purposes. Hopefully someone could answer them.
Question 1, I own a stock that I want to retitle in my sons name and give him the stock as a gift. Can a stock be transferred to someone as a gift without selling the stock? If the stock is sold it will be taxed with a federal or state gift tax? I fall well under the amount given in the unified tax credit. The stocks now are titled in a revocable family living trust.
Question 2, For tax purposes... to figure out the amount of the gift...How is the cost of the stock derived? Is it from the initial purchase of the stock or is the cost derived from the cost of the stock at the time of transfer? Finding the original cost of the stock is almost impossible because of splits and over 40 years of buying the stocks.
Thanks everyone for your answers.
Hello Everyone,
I have a couple of questions about transferring a stock for gift purposes. Hopefully someone could answer them.
Question 1, I own a stock that I want to retitle in my sons name and give him the stock as a gift. Can a stock be transferred to someone as a gift without selling the stock? If the stock is sold it will be taxed with a federal or state gift tax? I fall well under the amount given in the unified tax credit. The stocks now are titled in a revocable family living trust.
Question 2, For tax purposes... to figure out the amount of the gift...How is the cost of the stock derived? Is it from the initial purchase of the stock or is the cost derived from the cost of the stock at the time of transfer? Finding the original cost of the stock is almost impossible because of splits and over 40 years of buying the stocks.
Thanks everyone for your answers.