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#1
11-04-2004, 12:24 PM
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Gifting in order to avoid pay the taxWhat is the name of your state? WA A friend of mine received $15,000 from stock sold. Can they gift the whole thing to someone and avoid paying the tax on it? What is the law on this and the stipulations concerning it**************thanks much! |
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#2
11-04-2004, 01:32 PM
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| Friend sold it, friend pays the tax. But what was the cost basis of the stock? |
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#3
11-04-2004, 07:04 PM
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| No, they can't. They will need to include it on their Sch D on their tax return. They will also need to know how much they paid for it, ie the basis. That will decrease the "taxable gain". Snipes
__________________ This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post. |
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