Troubled wrote: : I am going to transfer $14,000 worth of securities from my account to my sons. : I presume there is no gift or income tax involved, and that his basis will be what mine was. Is that correct?
: I realize it is somewhat smaller gift because he will eventually have to pay tax on the existing unrealized gain, but that is besides the fact.
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If you are maign the transfer directly form the one account to the other, it might be a good idea to get an acknowledment form your son(assumign he is not a baby) that he has rece\ieved it. then file it with your important papers to prove the transaction at some later date. Iwas told to do this last year when I transferred some cash directly into my kids'brokeridge accounts, so I pass the advice on to you.
Wendy Baker