My mom passed away back on October 21, 2023 and I am the only beneficiary on her investment stock account. I have a few questions:
1. I want to rollover the entire stock portfolio into my account - Rollovers are NOT taxable income correct?
2. I will be possibly taxed on gains when I go to sell the stock whether it be in 2023 or 2024 etc correct?
3. I have read about step-up in basis, so my NEW purchase price would be step-up in basis on the date of my mothers passing correct?
4. I have 3 other siblings and since I am the only one mom listed as beneficiary, I agreed to split with my siblings. Since I am the beneficiary, can I rollover my inherited portion to them without any tax implications or would I have to sell their portions can pay taxes the possible gains on my personal 1040 tax return?
5. When I say possible gain above, it is because I don't know where things stand at this point if gains, washes or losses will be determined. This just happened and I am working on things slowly so no mistakes are made.
6. Now, I have read that inherited stocks are losses can be deducted but I am getting confused. I found this paragraph it states the following:
"By the same token, of course, people who inherit stock cannot claim any losses that occur before the original owner's death. Unfortunately, even if the value of stock plunges on the day of the deceased person's death, the heirs won't be able to use those losses to offset gains from their other investments"
From what I interpreted, I can only claim losses on the sale after the date of death. So my mom passed away on Oct 21, 2023. So if the stock showed a loss on Oct 21, 2023 I won't be able to claim the loss but if the loss occurred on Oct 22, 2023 then I take the loss because it was AFTER her date of death, is that correct OR am I completely wrong?
As of right now, nothing has been done, it's sitting her investment portfolio.
Thank you in advance for your assistance.
