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Basis In Stock ???

I'm rally dumb about stock and need some help (: Here is my story...

Husband died in 1991 and left 109 and 245 shares of railroad stock. After his death was reported, the certificates were mailed to me. They have only my name on them. In 1997 the stock split at 3 for 1 and I got another certificate for 708 shares with my name on them.

I've been told that I own them at the selling price on the day he died but don't know if that is true. Also, the 109 (X3) shares MAY have had both our names on it. I have no way of knowing since the name was changed before they were sent to me. I did find the 1099DIV for 1990 which has only his name. Would it have both names if owned jointly?

Would appreciate any help in finding the basis for his stock. Thanks.

Doree

Reply to
Doree
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Alternatively, if you are one of those folks who gives money to charity, and if you itemize deductions on your taxes, you can give gifts of stock instead (and keep the cash that you would have given.) That way, the stock basis is moot -- you write off the entire value on your tax return.

Best regards, Bob

Reply to
zxcvbob

If the stock was in his name and hew left it to you, you do get the stepped up basis, to the price in 1991, which you can look up with the stock ticker (symbol). Keep in mind, long term gain are 15% maximum, so you won't have much to pay either way. Bob's idea (of donating and not worrying at all about cost is great, if you are a regular donator and this isn't more than you intended. JOE

Reply to
joetaxpayer

It sounds like both your names were on the stock before he died, maybe in a JTROS account (Joint ownership with Rights Of Survival) When he passed, the stocks would have been transfered into your name only, and thus, when they split, you would have gotten those too. The only thing that involves a Date of Death balance or value, would be if you were not on the account or stock at all, and after his death (and probate) the stocks were liquidated (sold off and the proceeds put into the estate) they would have been sold at the price they were worth on his date of death.

Reply to
johnsoncm

Thank all of you for your replys...I guess I still don't have an answer. The only thing I can add is that I live in VA. and the stock was not a gift . He bought them through payroll deduction so he acturally paid for them and left everything to me in his will. Thanks again.

Doree

Reply to
Doree

For all intents and purposes, when he left you everything in his will, you became the owner as of his death. For tax purposes (reporting gains or losses) and to know whether or not you will gain or loose when you sell them, look up the stock symbol and find out the value on the date of his death. When they said "basis" above, they meant, roughly, what you paid for the stock. Now, I know he bought them through payroll, but for reporting purposes, consider the value on his date of death as what YOU paid for them.

Chris

Reply to
CMJohnson

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