What happens if I transfer stock to my children?
January 21, 2005
Subject: transferring stock
From: W. C.
Date: Wed, 15 Dec 2004
If I want to transfer stock I have to my children, what must I do and is there a cost?
Answer
Date: 20 Dec 2004
Hello W. C.,
If the stock is in a brokerage account, see your broker about how to make the transfer. If the stock is not publicly traded, you should consult with an attorney. You may transfer up to $11,000 in value to each of your children without being required to report the transfer on gift tax Form 709. If your transfer exceeds that amount, consult with a tax return preparer for help with the form.
Good luck!
Mike Gray
For answers to new questions, subscribe to our newsletter, Michael Gray, CPA's Tax & Business Insight by filling out the form below.
Home Newsletter Archive Introducing Michael Gray, CPA Articles Tax FAQ Need Help? Other Links
Find us on Facebook
Follow me on Twitter
Connect on LinkedIn
Our Blog