|
|
| *Ostroff, Fair and Company>>>Canada Taxes |
Do I have to claim the full amount of tax on a gifted stock cert if I sold the shares and profited? |
Do I have to claim the full amount of tax on a gifted stock cert if I sold the shares and profited? I believe you would have to claim the full amount. However, I am not a tax consultant and your best bet is to contact a tax consultant. Or, you can try and find a tax consultant, advisor, CPA, etc., at www.allexperts.com and ask them the same question. This is a no charge site. Good luck! If you can find out what the cost of the shares was on the day they were gifted to you then you can reduce the gain by its cost basis and will only pay tax on the growth of the stock from that day to the sale date. It is actually not so simple to figure out what amount should be taxed because it depends on a lot of things specific to your situation. However, the IRS has a really nice FAQ on just that question. http://www.irs.gov/faqs/faq-kw77.html... http://www.irs.gov/faqs/faq-kw77.html... |
| Tags |
| Singapore Taxes Mexico Taxes Ireland Taxes India Taxes Germany Taxes Canada Taxes Australia Taxes Small Business Renting & Real Estate |
Finance Categories--Copyright/IP Policy--Contact Webmaster |