Question

deduction

can we deduct stock we gave to our childern

A

Anonymous

you get no deduction. if Fair market value exceeds your basis, then their basis is your basis.

however, if your basis exceeds FMV on the date of the gift they have to proceed as follows

If 1 results in gain and 2 results in a loss, the IRS says no taxable gain or loss

IRC 1015

if you gave more than $15,000 (FMV) to any child a gift tax return is supposed to be filed. TT does not do gift tax returns

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