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I recently found out my deceased mother DOD 2002 had stock.

I recently found out...

I recently found out my deceased mother DOD 2002 had stock. It is being held by NY State Comptroller office. 204 shares Wellpoint stock which at today's rate would be roughly $48,000. I don't know when it was purchased or at what cost. It needs to be divided between 4 of her children including me. How would this be taxed? Is it at 15% capital gains? Or at the rate it was worth in 2002?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Other than once I secure the letter from Surrogate Court, the funds are sent to me. It's up to me to sell I presume, or do you think they send value at today's rate in a monetary amount subject to my reporting it at tax time 2018?

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Answered in 6 minutes by:
3/20/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,178
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Hello!

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

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Customer reply replied 1 month ago
OK thanks
Customer reply replied 1 month ago
No, I want to keep this at the $38. No more. And I don't want monthly auto charges either. There was a pop up, I ignored.

Your cost basis will generally be the Market price on the date of Death of your mother in 2002.

___

The Well Point Stock should remain as stock when transferred to you. You will then be able to transfer shares to the other beneficiaries or sell the shares and distribute the funds to the beneficiaries.

The long term capital gain over your cost basis will be taxed at each beneficiaries Long Term Capital Gain rate which is generally 15%.

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The long term capital gains rates are 0%, 15% or the top rate of 20%

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Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

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Customer reply replied 1 month ago
Ok, thank you. You've answered my question. Thank you. Just to clarify this cost me just $38 right? No addtional fees. No sudden monthly auto charges right?

If you are charged anymore then what you believed you would be charged, please let me know and I will request a refund for you.

We are not privileged to the pricing structure.

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,178
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
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