I think it's even more confusing in this case, because tax law does
occasionally push the original cost basis to the later generation. I do not
understand how it works, but the recipient "inherits" the original cost basis,
while the donor declares the value of the gift at market price. I don't
The US allows gifts to go untaxed within certain limits. Capital gains
can get interesting as well. If you're not certain, talk to your
accountant.
On Tue, Jan 24, 2023, 6:48 PM Liz Dodd wrote:
> On Wed, 25 Jan 2023 10:34:51 +1100
> flywire wrote:
>
> > I doubt your jurisdiction is that
On Wed, 25 Jan 2023 10:34:51 +1100
flywire wrote:
> I doubt your jurisdiction is that naive. I'd expect you'd pay tax on
> the $25k capital gain on disposal and your son would have a $30k
> basis price.
I agree, you gave your son the equivalent of $30K, and you get to pay
tax on the capital
I doubt your jurisdiction is that naive. I'd expect you'd pay tax on the
$25k capital gain on disposal and your son would have a $30k basis price.
___
gnucash-user mailing list
gnucash-user@gnucash.org
To update your subscription preferences or to
Suppose, several years ago, I bought 100 shares of a stock for $5,000.
Now, I give these 100 shares to my son and they are now worth $30,000.
It seems to me that I need to show:
Expenses:Gifts$30,000
That is the amount of wealth that I no longer have.
Also, that is the amount that goes on
