I inherited some stocks from my father when he passed away. I cashed some of them in last year, and was wondering about how the amount of money I received was taxed. Is the whole gross amount taxed as income? Or is there another way that the amount is taxed?

Cori76:

You do not pay taxes on the gross proceeds. You have to determine the capital gains.

The basis of the stock is stepped up to the price of the stock the day your father died (or exactly six months after your father died; it depends on how your father's estate decided to treat the stock).

You must pay capital gains taxes on the difference between the stepped-up basis and what you sold the stock for.

I believe, but am not totally sure right off hand, that the value of the stock might have decreased since that time. What happens then?

Cori76:

Then you will be able to write off the loss against other income.

What stock is it?

http://www.google.ca/search?oi=stock&q=stocks:GOOG&prev=/search%3Fq%3DGOOG%26hl%3Den%26lr%3D

Try Yahoo Finance to find stock quotes.

How do I find out exactly what the price of the stock was on that day or six months after?

How do I find out exactly what the price of the stock was on that day or six months after?

What stock is it?

Call any stock broker. They can tell you!

They are Anheuser Busch stocks.

Go to Yahoo finance or Google it (BUD).

The stock name for it is BUD.

Once you type in BUD it will give you a chart. The chart can go back as for as the stock has been trading.

What month or day would it be that you need the stock price for?

Do you know how many shares you have?

If you have 100 shares then they are at least worth $4400. If you have 1,000 shares then you have $44,000.

BUD started the year in 05 at around $51 per share and ended the year at around $44 per share.

It has been a good performing stock. If he bought it around 1985 then the stock has appreciated around 2,000 percent with stock splits.

Sorry to hear that your father passed away.

Here is the link to Anheuser Busch

Its stock symbol is BUD

http://www.google.ca/search?oi=stock&q=stocks:BUD&prev=/search%3Fq%3DBUD%26hl%3Den%26lr%3D


Use the chart to look at past stock prices.

I inherited some stocks from my father when he passed away. I cashed some of them in last year, and was wondering about how the amount of money I received was taxed. Is the whole gross amount taxed as income? Or is there another way that the amount is taxed?

It may depend on the amount that was cashed in.
Are you say a few hundred dollars or a few thounsand dollars that you cashed in?

It may also have to do with your tax bracket.