TaxGuyBill
Level 15
04-06-2023
02:02 PM
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@utah-arizona-taxlady wrote:
a few well known financial institutions say gifted stock uses the FMV of when the stock was gifted.
I would be curious to see those links.
The recipient of the gift is generally also gifted the Basis and the holding period of the property. However, it depends on the circumstances (FMV may be factored in if it was lower than Basis and sold at a loss).
https://www.irs.gov/publications/p551#en_US_202212_publink1000257001
Gift.
If you receive a gift of property and your basis in it is figured using the donor's basis, your holding period includes the donor's holding period. For more information on basis, see Pub. 551.
https://www.irs.gov/publications/p544#en_US_2022_publink100072644
