T Schwartz
Nov 23, 2006, 10:03 AM
My parents were joint owners of a large amount of 1 company's stock. My Father died this year. We all agree with my Mother that reducing risk by liquidating some of this amount and putting it in a safer, more diversified instrument(s). Is there an advantage in selling some of this in this year(of father's death). Should it be offset by sale in same year of stock having a LT capital loss? We've been told that his portion of the sold proceeds gains is less taxable or nontaxable. What's the truth in that? I would greatly appreciate any help on this issue as current CPA, keeps insisting we don't want to pay "all that tax" - Eventually though, won't we have to pay capital gains on it (barring catastrophic losses to the estate value)?