My generous mother is going to gift me (and my brothers) 50K in Berkshire Hathaway stock. The shares are going to be transferred to me directly. This is going to be in one go, and it's over the annual IRS limit. It's my understanding that she needs to file something with the IRS for this. She's a multimillionaire, but I don't think her estate is going to be worth over 13 million when she passes, nor do I think that it's over 13 or even 10 million now.
-Do I need to file something with the IRS?
-Assuming I don't sell the shares right away, do I need to report this as income or elsewhere on the 1040?
-I assume that if I do sell, the sale will be on the 1099 form I get from my brokerage and will be subject to the applicable normal capital gains tax and no other tax. Is this correct?
-The shares were bought at least 3 years ago. Would I need to hold them for 15 or 18 months or whatever the length of time is to get the long-term vs the short-term capital gains tax rate?
Is there something else I need to do/take into consideration?
TIA.
-Do I need to file something with the IRS?
-Assuming I don't sell the shares right away, do I need to report this as income or elsewhere on the 1040?
-I assume that if I do sell, the sale will be on the 1099 form I get from my brokerage and will be subject to the applicable normal capital gains tax and no other tax. Is this correct?
-The shares were bought at least 3 years ago. Would I need to hold them for 15 or 18 months or whatever the length of time is to get the long-term vs the short-term capital gains tax rate?
Is there something else I need to do/take into consideration?
TIA.
Statistics: Posted by ann_l — Tue Sep 10, 2024 11:07 am — Replies 9 — Views 452