[IwannabeaCPA2017]

I should probably know this but if one gives stocks to their family is the limit still 14k annual limit before filing a gift tax return? Im saying actual stock and not cash after the sale. For instance, my grandma owns x shares of FB and wants to give that to me. Does that work?

Im just curious. Thanks

[Anonymous]

She can gift you the stocks, the stocks would be transferred at the FMV so if you are worried about the threshold then use the FMV which would be what its trading for on the open market. Yahoo should have this info

[win2bet]

Yes, 14K FMV is the threshold to filing a gift tax return. But she can gift you even $1M in the stock and not have to pay any tax, just would have to file the gift tax return.

You would carry over here basis

REG 68,87
BEC 85
FAR 75
AUD 64,64, 86!

[TommyTheCat]

one thing to note…the 14k gifting limit before triggering a gift tax return filing requirement is on a person-to-person basis. So lets say either you or your grandmother are married. If you are married your grandmother can gift your household $28k and be under the reporting filing requirement….$14k to you and $14k to your spouse. If both you and she are married and her and her husband/partner own the stock jointly, you can receive $14k from your grandmother and another $14k from your grandfather, AND your spouse can receive $14k from grandma and another $14k from grandpa.

So $28k or even potentially $56k are on the table. I do this with my wealthy married clients all the time.

[Author]

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