Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

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?

Show More
Show Less
Ask Your Own Tax Question
Answered in 6 minutes by:
3/20/2018
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,756
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified

Hello!

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

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

Ask Your Own Tax Question
Customer reply replied 4 months ago
OK thanks
Customer reply replied 4 months 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%.

Ask Your Own Tax Question

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

Ask Your Own Tax Question

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!

Ask Your Own Tax Question
Customer reply replied 4 months 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, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,756
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified
Chad EA, CDFA®, CFP® and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Chad EA, CDFA®, CFP® Your Own Question
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,756
2,756 Satisfied Customers
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA

Chad EA, CDFA®, CFP® 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

1,338 satisfied customers

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

Richard

Richard

Tax Attorney

4,512 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 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.

< Previous | Next >

Related Tax Questions
I'm wanting to sell some stocks. I am trying to compare a
I'm wanting to sell some stocks. I am trying to compare a couple different amounts. Is there a way to know if you will be put into another tax bracket by the amount you will receive? And, what is the … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,648 satisfied customers
This is a basis question. Parents bought a collectible car.
This is a basis question. Parents bought a collectible car. Paid $100000 20 years ago. Father dies when the value at DOD is $1,000,000.I think my mothers basis goes from $50000 to $50000 + 1/2 of the … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
CERTIFIED FINANCIAL PLANNER ®, Professional
Master's Degree
2,756 satisfied customers
My mom is deceased and her property taxes are deliquent, tax
My mom is deceased and her property taxes are deliquent, tax lien papers are coming in mail. Who do I need to talk to about this … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
CERTIFIED FINANCIAL PLANNER ®, Professional
Master's Degree
2,756 satisfied customers
I'm a US citizen living abroad. In 2017, I earned about 7k
I'm a US citizen living abroad. In 2017, I earned about 7k USD at my work. My mother sends me money every few months so I don't starve. I have nothing in my name. My bank account is solvent only becau… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
CERTIFIED FINANCIAL PLANNER ®, Professional
Master's Degree
2,756 satisfied customers
If all my income would only consist of 3k in dividents
if all my income would only consist of 3k in dividents (spread out through 2017) and receiveing capital gain of 40k when I sell stock on December 15, 2017. How is my tax penalty would be calculated fo… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
286 satisfied customers
My Mother passed away and the inheratance is 50/50. My
My Mother passed away and the inheratance is 50/50. My sister will not fill out the paperwork so I can receive my 50% yet, she is recieving her share … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My sister's son who was never married and had no children
My sister's son who was never married and had no children passed away on Nov 2015. He left a piece of land in Upstate New York. As his mother he will inherit it. Presently she is applying as his admin… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
This doesn't satisfy the question at hand. Does the transfer
This doesn't satisfy the question at hand. Does the transfer occur at the transfer date to the children or due to the condition of the life estate does transfer occurs upon death of the second parent?… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
In 1999 my wife's parents deed their condo over to her and
In 1999 my wife's parents deed their condo over to her and her 3 brothers,being we are in NY and the condo is in FL, we never used or lived in the it. One of her brothers has now offered to purchase t… read more
Christopher B, Esq.
Christopher B, Esq.
Attorney
Juris Doctor
2,177 satisfied customers
Mother-in-law's brother has no family except 8 siblings. He
Mother-in-law's brother has no family except 8 siblings. He has a significant portfolio, all in stocks, which he will be leaving to his siblings. Since my mother-in-law is in hospice, he is concerned … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I was hoping you might know the answer to this question. it
I was hoping you might know the answer to this question. it is regarding my Mom's house in NY. I live in Texas, my 2 brothers live in NY , so I am a non resident on NY State. IT-2663 NON RESIDENT REAL… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
I live in qld my wife on my single income we are both in our
I live in qld my wife on my single income we are both in our sixties. My mother recently passed away and has left her 3 adult children approx 25,000.00. do i pay tax on this amount. the amount is not … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Upon the death of my father in 2002 our estate invested 1 million
Upon the death of my father in 2002 our estate invested 1 million dollars in the childrens name. This was the tax free exception. The rest of the estate was placed in my mothers name. There are 5 adul… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
Can expenses associated with surrogacy be used as medical deductions?
Can all expenses associated with use of (a) gestational surrogate fee (~$30K+), (b) egg donor ($5K), (c) IVF treatment (~$19K+), (d) Attorney writing up gestational agreement (~$5K), (e) egg donor age… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
I have questions about estate and inheritance taxes
I have questions about estate and inheritance taxes: what is the difference, how much is it for federal and the state of KY if it is non-property (monetary) and do you pay the taxes on the amount befo… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I am working on a new jersey inheritance tax return that
I am working on a new jersey inheritance tax return that involves many beneficiaries but is small. The decedent died intestate and a niece (in Chicago-I am in NJ) was appointed administratrix after a … read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
When my mother died in January, 2005, I became the ...
When my mother died in January, 2005, I became the court-appointed personal representative and sole owner of her home. Because we are involved with a car accident litigation, we have filed in probate.… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
mother left 175,000 for 4 children over 21 what would the ...
mother left 175,000 for 4 children over 21 what would the inheritance tax Optional Information: toledo, Ohio Already Tried: ohio.gov… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 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