 Tax question |
| Tax question |
 Mar 2 2008, 03:59 PM
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#1
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 Group: Members Posts: 2,329 Joined: 20-June 07 Member No.: 1,243  |
I know you're taxed on capital gains when selling stock that you buy. But what about stock that you're given?
If you buy XX stock for $1k and you sell it for $2k you pay taxes on gains, which is $1k. But if you're given $1k worth of stock and you sell it for $2k, are you taxed on capital gains ($1k) or what the total value of what you sell it for? ($2k) --------------------   |
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Mar 9 2008, 10:47 PM
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#2
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 Group: Members Posts: 10,620 Joined: 23-February 06 From: Houston, TX Member No.: 48 |
If it's in his name, the broker company will send him the 1099 as well as the IRS. If the broker has a website, might be worth checking to see if they have somewhere on there you can view your 1099 if you havent received one.
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Oasis Tax question Mar 2 2008, 03:59 PM
Spectatrix I think you'd have a gift tax on 1k and capita... Mar 2 2008, 04:25 PM jwttu I havent taken tax accounting (because i think the... Mar 2 2008, 05:45 PM fingercuffs QUOTE (Oasis @ Mar 2 2008, 04:59 PM) I kn... Mar 9 2008, 06:52 PM Dogmeat I would assume you have to report the stock you ar... Mar 9 2008, 06:53 PM
dauss Look at the gift tax. You can give up to $12... Mar 10 2008, 01:02 AM |
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