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Old 11-23-2015, 03:03 PM
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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?



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Old 11-24-2015, 07:06 AM
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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.



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