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#1
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StockMy parents just sold shares of stock worth thousands that were in my name and now they want me to deposit the checks into my account and then write them a check down the road. I feel a little uncomfortable doing this as I have some concerns concerning tax liability and problems getting loans in the future. Does anyone have advice? |
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#2
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#3
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Even if somehow you have a moral obligation to give your parents the money, you certainly have no obligation to give them anything until you know the true tax liability and have paid that liability.
__________________ in vino veritas |
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#4
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| I am in my 20s and it was to be for my college education. So regardless if I sign the check and my parents deposit it or I deposit the checks into my account and cut them a check, the process to claim the gains will be the same? |
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#5
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| Tell us if you are over 21. It makes a difference as well as what state you are in. What is the value of the stock (and how much was it purchased for)? If YOU sell the stock, YOU owe capital gains tax on it regardless of what you do with the money. If YOU gift the stock itself back, you probably don't have any tax liability (and may not even need to report it depending on the value). They end up paying the capital gains. You didn't indicate how this stock came to being in your name, but as others pointed out, the stock is yours and you're not obligated to give it (or the money from its sale) to anybody. |
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#6
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| I am in my upper 20s and the stock was put in my name as a teenager - my parents have access to it though as I think my father's name is also on it. Can he just deposit the checks seeing as how it is in his name too? |
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#7
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| Depends on the wording of the certificates. If it only has him as custodian, the stocks are 100% yours now. |
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