Ask Experts Questions for FREE Help!
 

Free Answers in 3 Easy Steps

Register Now
3 Steps
 


Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.
  Answer this Question    Ask about Taxes    Ask about another Subject  
 

brodhagen@msn.com
Apr 19, 2006, 09:32 PM
A worthless stock is part of my inheritance. Any tax value?

AtlantaTaxExpert
Apr 20, 2006, 12:15 PM
Probably not to you. It could have been declared on the fiduciary return by the estate (assuming the estate is large enough to file a fiduciary return).

The stock assumes the FMV at time of death, which was probably zero. That means you cannot dispose of the stock and get a capital loss.

brodhagen@msn.com
Apr 21, 2006, 06:00 PM
Probably not to you. It could have been declared on the fiduciary return by the estate (assuming the estate is large enough to file a fiduciary return).

The stock assumes the FMV at time of death, which was probably zero. That means you cannot dispose of the stock and get a capital loss.
The stock is part of an account which is joint with the right of survivership. We think of it as inherited because my then 88 year old mother originally made the investment. (I am brand new to this posting stuff so I asked a very general question, initially.) Does this change things? The account was changed to the joint account before she died at 94.

AtlantaTaxExpert
Apr 21, 2006, 07:58 PM
Even if it's a joint account, it's STILL her stock. My original answer applies.