brokerboy
Registered: Oct 2003
Posts: 1933 |
05-10-12 08:01 PM
http://www.pennyborn.com/estatetaxe...andgifting.html
"Share Your Cost Basis in Gifted Stock
When you gift stock, you should give the donee information regarding your purchase of the stock so they can retain it for their tax records. Provide the donee the following information: a. your cost basis; b. the date you purchased it; c. the value on the date of the gift; and d. your holding period. If you purchased the shares on multiple dates, provide the donee a record of all of dates of purchase, the number of shares purchased on each date, and your cost basis. To avoid giving the gift of a tax return nightmare, it is essential to provide the donee all information necessary for tax filings, including copies of trade confirmations or other supporting documentation.
Under current tax laws, the donee will owe tax on the difference between the donors cost basis and the value of the stock when the donee sells it, including reinvested dividends. Thus, the donee pays the capital gains tax for appreciation of the stock during the time it was owned by the donor and the donee. However, tax laws change frequently. Talk with a tax advisor to determine taxes that may be owed. See the IRS Website. "
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Nor does TN require a hunt liscense for landowners
[on thier own land...]
