Hi all- I posted a similar question before regarding this issue, but this one may be a little different. My original question was: My mom owned stock and transferred it to me. What are the tax implications? Someone linked me to a tax site that showed I would pay taxes on the difference between what I sell the stock and my mom paid for the stock. My new question is, if my mom bought an insurance like plan where the company purchased stock for me, but, being a minor at the time, the stock was held under my mom's name. Now that I'm no longer a minor and I have the stock transferred to my name, what are the tax implications? If it helps, the stocks value is now over $15,000 and have been held for over 1 year. Thanks in advance.
she can give you a gift of up to 13000 per year tax free. split it up over 2 years and you can do it tax free. http://hubpages.com/hub/Annual-Gift-Tax-Exclusion-Amount-for-2009--2010