If I transfer some securities (from a brokerage firm) to someone on Dec 23rd and they leave my account on Dec 31st; but the receiving firm doesn't receive them until 1/3/2022. For compliance purpose, do I report the gift in 2021 or 2022?
And if I make a last minute wire transfer of cash (gift), does the same principal apply?
TIA
According to Not A Clue snipped-for-privacy@gmail.com:
Whenever I do a domestic wire transfer, the sending and receiving banks invariably report it on the same day. It's the day I made the request if I do it before the bank's cutoff time, the next business day otherwise. Stock transfers are more complicated and slower.
I suppose if the recipient is outside the US it could take longer.
It's the date you initiate the transfer, not when it is received by the recipient.
Yes.
Have something to add? Share your thoughts — no account required.
Ask the community — no account required