Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

My father and grandfather bought stock in PG&E for me when

Customer Question
I was a baby in...
My father and grandfather bought stock in PG&E for me when I was a baby in 1986. It was in my name and my father was the custodian. I sold a portion of the stock to help buy a house in 2009. My father was still listed as custodian and I had to get his signature to sell. At the same time I had the stock then put into my name.
Question: Is this considered a gift? What date did I receive the gift? What would the basis be?
Submitted: 7 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 3 minutes by:
4/11/2010
Tax Professional: Jon Andrews, Certified Public Accountant (CPA) replied 7 years ago
Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3,118
Experience: I deal with all levels of tax planning and controversy - from the ordinary to the complex.
Verified

Your basis will be whatever they paid for it in 1986. The gift was made in 1986. You will need to find out what the cost was at that time and whether you have had dividends reinvested or other transactions that would increase your basis.

 

jon

Ask Your Own Tax Question
Customer reply replied 7 years ago
would reinvested dividends increase the basis and how is the best way to find that out?<br /><br />More info<br /><br />1/24/86  11 shares at $5 were purchased<br />2/4/86   50 shares at $5 were purchased<br /><br />nothing was done untill 10/28/09 when 187 shares valued at $7,759.16 were sold.<br />I did not sell the original 61 shares and still own them.
Tax Professional: Jon Andrews, Certified Public Accountant (CPA) replied 7 years ago

It appears that PG&E has had a stock split resulting in you receiving an additional 187 shares. The tax result is that your basis in 248 shares (original 61 plus new 187) is based on the cost of the original 61, i.e. $305.00. So for the 187 you sold, the basis would be $305 / 248 * 187 = $230. You have a long term capital gain of $7,759 - $305 = $7,454.

 

jon

Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3,118
Experience: I deal with all levels of tax planning and controversy - from the ordinary to the complex.
Verified
Jon Andrews and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Jon Andrews Your Own Question
Jon Andrews
Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3,118
3,118 Satisfied Customers
Experience: I deal with all levels of tax planning and controversy - from the ordinary to the complex.

Jon Andrews is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
A taxpayer is self-employed and married and has an HSA, but
A taxpayer is self-employed and married and has an HSA, but did not contribute to the HSA. He is on Medicare and he pays his Medicare premiums from his HSA. Can he count this amount as S-E medical cos… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,785 satisfied customers
Multi-member LLC, Independent Auto Sales/Repair. On the
Multi-member LLC, Independent Auto Sales/Repair. On the sales side, we buy used cars at dealer auctions, repair them (if needed), and put them for sale on our lot. For irs form 1065, are the cars and … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I used to be a citizen og UK. last year I was awarded a lump
I used to be a citizen og UK. last year I was awarded a lump sum pay out because I was 9 years beyond the qualifying age to receive my Uk pension. It is a very small amount, earned during the 23 years… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I just changed my withholding status from my job from
Hello. I just changed my withholding status from my job from married to single because I got divorced. They took out an extra $400 more than was already taken out. I also claim 0 on my federal/state/c… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
My husband died last January. He had a sole propriertorship
My husband died last January. He had a sole propriertorship and I had to keep it going because he owed clients some work. It was losing money (which is one reason he killed himself). At the end of Jul… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
My question is: Is the foreign tax credit 100% Offset to the
Hi, my question is: Is the foreign tax credit 100% Offset to the Alternative Minimum Tax, if there are only foreign income? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Would like to open a roth ira for my early 20 something son
would like to open a roth ira for my early 20 something son and need advice. I would like something easy to contribute to and doesnt have a lot of fee's like a management fee AND a transcation fee AND… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
After the question and answer I would interested in
Hello, After the question and answer I would interested in retaining someone to provide an opinion letter … read more
taxmanrog
taxmanrog
Master\u0027s Degree
772 satisfied customers
We have dissolved our S Corp and are filing our final
We have dissolved our S Corp and are filing our final Federal income tax form 1120S. We began our S Corp in January, 2005 with $461initial cash in the checking account (or $846 initial cash per our CP… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Posting this to request phone call from Expert Taxmanrog
Posting this to request phone call from ExpertCustomerOnly. This is in reference to this question page:http://www.justanswer.com/tax/ay1lu-rd-h1b-status-made-passive-investment-llc.html… read more
taxmanrog
taxmanrog
Master\u0027s Degree
772 satisfied customers
I am the trustee and only beneficiary of a revocable trust
i am the trustee and only beneficiary of a revocable trust my father set up. He passed away 12/27/2017. I need a new tax I'd number for the trust. The form asks when the trust was funded. Do I use the date of the original trust, or the date the trust transferred to me- the date of my fathers death? Or can I use a different date? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Friend of mine's husband has separate property, and both
Friend of mine's husband has separate property, and both lives the house on tenancy of joint. She is wondering the ownership title and tax filing , … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
What address do I mail Copy 1 Of W2.I live in Anaheim
What address do I mail Copy 1 Of W2.I live in Anaheim California . … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,275 satisfied customers
If my total earnings is $5200.00 monthly, and I have seven
If my total earnings is $5200.00 monthly, and I have seven exemptions, and … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
My mother died in Illinois. On the federal estate tax return
My mother died in Illinois. On the federal estate tax return she has 3.9 million adjusted gross estate and 1.5 million in taxable gifts made in 2010 and 1.7 million in unused exemption from my father'… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I opened a 529 for my grandson 18 years ago. He is presently
I opened a 529 for my grandson 18 years ago. He is presently using a portion of the fund to pay for his freshman years tuition. What does he need to do with regard his 2017 filing? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I started an LLC via LegalZoom years ago as a promise to my
HI. I started an LLC via LegalZoom years ago as a promise to my mother who was dying. She died before we could get it off the ground so it is an LLC in name only. I've never done anything with the com… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,785 satisfied customers
My ex husband and I have joint guardianship over my 4 year
My ex husband and I have joint guardianship over my 4 year old granddaughter can we both claim her for 6 mo? … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
64 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x