Some comments regarding your situation and questions:
- Since you inherited the stock, your cost basis is the FMV on the date of death (the average of the high and low for the day) or the alternate valuation if that is used.
- This is the step-up you are referring to. These are also the values that would be used if an estate tax return is filed.
- You will need to contact the broker holding the stock to get it transferred into your name.
- You are correct in that there is no gain or loss on any of the stock until such time as you actually sell the stock. Any gain or loss is based on your stepped-up basis figure in that stock.
- Since you were the only beneficiary, the only way to get any of the stock to your siblings is for you to personally gift the stock. There will be no tax implications (assuming the value is below the limit) at the time of gifting, but there could be some gift tax return filing requirements for you.
- You will need to take this one step at a time.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
