Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 11-23-2015, 03:03 PM
Junior Member
 
Join Date: Nov 2015
Posts: 1
Gift Tax

My ex-father in law passed away back in August 2015. His wish was for the proceeds of his co-op go to his three grandchildren. His son and I are both executors of his will. The co-op stock certificate was in his and his son's name (my ex-husband.) My ex-husband did not have the money or time to fix the place up and sell it, so he transferred the stock certificate into my name. I then put the money into it and then sold it on behalf of our three children. Will I have any tax implications?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 11-24-2015, 07:06 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by [email protected] View Post
My ex-father in law passed away back in August 2015. His wish was for the proceeds of his co-op go to his three grandchildren. His son and I are both executors of his will. The co-op stock certificate was in his and his son's name (my ex-husband.) My ex-husband did not have the money or time to fix the place up and sell it, so he transferred the stock certificate into my name. I then put the money into it and then sold it on behalf of our three children. Will I have any tax implications?
In general the answer is no. Any taxes that would have been owed would be paid by the estate; when/ ifexecutors sell the coop in an estate and distributes it, you typically do not have to pay tax on it after that.i guess there would be an exception if you inherited the coop, and then kept it for at least 6 months before selling it. If at the time you sold, the property was worth more than the fair market value on the day your FIL passed away, you might pay tax on the profits. If you held the property for at least a year, you’d pay tax at the long-term capital gains rate.plz read below.

However, on disposition of the coop later, UNLESSS the coop is your primary home, then, as you don't qualify for the exclusion on the gain from the sale it's treated as any other capital gain. If you owned it for one year or less, it's taxed at your marginal rate. If you owned it for over one year it's taxed at the lower long-term capital gain rate, normally 15% for most taxpayers aslongas your marginal tax rate is 25% or higher.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Gift Tax tara2201 Income 1 06-05-2015 04:00 AM
Gift Tax [email protected] Trusts and Gift Tax Returns 4 05-29-2015 11:14 AM
gift tax godsfavorgv Estimated Taxes 1 04-07-2014 10:29 PM
gift tax alessandra Miscellaneous 1 07-12-2013 05:48 AM
gift tax exclusion Rich Mort Estate Planning 0 01-04-2009 06:57 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.