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Get your taxes done using TurboTax
I have a follow-up question. Also, due to divorce, my husband must transfer an IRA and stocks to me. I know the IRA is good for a rollover into my current account or creating a new account. My question is regarding the stocks, if he transfers them to me in November of 2024, will I;
1. Will I have to pay taxes on them for capital gains for the entire year of 2024 when I file in 2025? Or if I keep the stock for a year and then trade it for others, would that be when I have to pay the taxes?
I have a follow-up question. Also, due to divorce, my husband must transfer an IRA and stocks to me. I know the IRA is good for a rollover into my current account or creating a new account. My question is regarding the stocks, if he transfers them to me in November of 2024, will I;
1. Will I have to pay taxes on them for capital gains for the entire year of 2024 when I file in 2025? Or if I keep the stock for a year and then trade it for others, would that be when I have to pay the taxes?
The receiving spouse retains the tax/cost basis of the stock when it was acquired. the holding duration is also preserved. so any gain/loss would only be reported in the year you sell them. the issue you face is getting their tax/cost basis and date acquired information.