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July 3, 2020
Question

About 15 years about I was gifted stock from a family member. I sold them in 2019, are these considered gifted stocks?

  • July 3, 2020
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1 reply

Employee
July 3, 2020

Yes. In order to calculate your taxable gain, you need to know the price your relative paid, not just the price on the day of the gift. If you are audited, and you can’t prove the price your relative paid, you will owe tax on the entire selling price.