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If my mother's estate sells some stock 15 months after her

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passing, and the proceeds are...
If my mother's estate sells some stock 15 months after her passing, and the proceeds are then distributed to the heirs, is their any tax liability for the heirs based on the change of value (if any) of the stock during the 15 month period?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: I believe you have all the relevant facts
Submitted: 1 year ago.Category: Tax
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Answered in 20 minutes by:
10/10/2016
Tax Professional: emc011075, Tax adviser replied 1 year ago
emc011075
emc011075, Tax adviser
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Satisfied Customers: 3,243
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Hi. My name is ***** ***** I will be happy to help you.

Yes, it is. The capital gains will be the difference between the sales price and the fair market value of the stock o day she passed away (step up basis).

For instance, if you sell the stock for $15 a share and the stock was trading for $14 a share 15 month ago, you will have capital gain will be $1 per share.

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Tax Professional: emc011075, Tax adviser replied 1 year ago

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

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Tax Professional: emc011075, Tax adviser replied 1 year ago

And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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