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Old 01-25-2013, 09:21 PM
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What do I have to do with stock on taxes?

I had no idea where to post this, so I just picked misc...

I inherited about $100,000 worth of stock a few years ago. I have used some of it in the past, but did not buy or sell any stock in 2012 at all. Do I have to do do anything about this when I file my taxes? I'm hoping it does not count as "income" since I did not actually sell any of it or get real money out of it this year, I just happen to own it.



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Old 01-26-2013, 04:31 PM
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“I inherited about $100,000 worth of stock a few years ago. I have used some of it in the past, but did not buy or sell any stock in 2012 at all. Do I have to do do anything about this when I file my taxes?”====> “You have used some of it in the past ????”===>What d’you mean by this????? Assume that if you transfered the inherited securities into your retirement plan, i.e., IRA at any time, as if it were any regular investment account and if you used the money on your IRA to trade stocks, then, you don't report stock transactions within an IRA; there is no requirement for reporting and a regular IRA since the taxable amount is determined at distribution instead of letting your IRA be managed by some institution, So, UNLESS you received 1099B for reporting income from brokered or bartered transactions, such as the sale of stocks, you do not need to repot it.;a broker or brokerage firm is required to send the form to each person for whom he has processed a sale. Taxpayers who receive this document must file a 1040 Form. They also must complete form 8949/ Sch D, which outlines capital gains and losses, including those listed on the 1099-B. Any taxable income from the sale of a brokered asset, such as stocks, bonds or commodities, must be reported on SchD/ form 8949, even if it does not appear on the 1099-B.
“ I'm hoping it does not count as "income" since I did not actually sell any of it or get real money out of it this year, I just happen to own it.”=======>as described above.



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