A
Angharad
Guest
I live in Delaware.
I have just received a bequest of $100,000: $60,000 in cash and $40,000 in 1,200 shares of stock of a large banking corporation. I've been given a choice to convert the stocks to cash.
I am the sole caretaker of my handicapped mother, and have been for 14 years. As a consequence, I no longer have taxable income or any significant savings or investments. I am, therefore, hesitant to speculate with this windfall.
Would there be any negative tax ramifications if I convert the stocks to cash? Or is the entire $100,000. exempt from tax regardless of what form it is in.
Thank you for your time.
I have just received a bequest of $100,000: $60,000 in cash and $40,000 in 1,200 shares of stock of a large banking corporation. I've been given a choice to convert the stocks to cash.
I am the sole caretaker of my handicapped mother, and have been for 14 years. As a consequence, I no longer have taxable income or any significant savings or investments. I am, therefore, hesitant to speculate with this windfall.
Would there be any negative tax ramifications if I convert the stocks to cash? Or is the entire $100,000. exempt from tax regardless of what form it is in.
Thank you for your time.