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Julie Jason: Is it an inheritance or a gift? It matters


Julie Jason: Is it an inheritance or a gift? It matters
March 7, 2021
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Is it an inheritance or a gift? It matters
Last week, we talked about “Ivan” and the challenges he faced 20 years after his grandparents gifted him stocks. If you recall, Ivan was thinking about selling the stocks, but first he had some hurdles to overcome. He had to find out his grandparents’ cost bases (the original prices) for the various stocks he received as gifts decades ago. He also needed to find the cost bases of the additional shares he himself purchased through dividend reinvestments.
Depending on the records Ivan already had on hand, there potentially was a lot of work ahead for him. He would need to consult with a tax adviser or accountant to form a game plan for gathering the missing information. ....

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Julie Jason: A gift of stock requires recordkeeping


Julie Jason: A gift of stock requires recordkeeping
Feb. 28, 2021
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Financial writer Julie Jason will be the speaker at the “Author Talk” at the Greenwich Library from 6:30 to 8 p.m. Wednesday. Jason is the author of “Retire Securely,” a collection of her nationally syndicated column.BCAPAZZO / Contributed photo
Little did “Ivan” know that it would have been a good idea to record the cost bases (the original prices) of the five stocks his grandparents gave him 20 years ago, along with the cost bases of the dividends he reinvested in those stocks after receiving the gift.
Now that Ivan’s thinking of selling those stocks, the cost bases (showing up as all zeros on his brokerage statements) need to be researched and updated for tax purposes. ....

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