Inherited Mutual Funds

I want to THANK all of whom provided me with Excellent tax guidance.

I expected to be the subject of a "Flame Fest", as I Indeed DID post
my question to the Wrong Newsgroup!

Danka, Merci, Gracias -d

On Mon, 30 Jul 2012 12:18:45 -0400, don wrote:

On Mon, 30 Jul 2012 11:18:41 -0400, don wrote:
I immediately realized my error, as I re-read my errant post! Then I
realized that I sent it to the Wrong Newsgroup (Windows 7 vs
tax.moderated). I am unaware of a process to delete any post, even
those that I originated??

I expected to be flamed!! My apologies to those of whom I
Unintentionally offended. I very rarely post to the Newsgroups!

A meek Sorry!

When my father died, I inherited several of his mutual funds. The
funds are not ones in which I would want to continue to invest. Thus I
want to sell them. I am unaware of the tax consequences of such a
sale. How can I determine my tax Cost Basis?

Sorry for such a basic question, on a board often addressing far more
complicated issues!

-d

On Tue, 31 Jul 2012 07:00:31 -0400, Dave "Crash" Dummy wrote:

Gene E. Bloch wrote:
On Tue, 31 Jul 2012 02:22:51 +0100, Good Guy wrote:

On 30/07/2012 19:14, ...winston wrote:
Not necessarily accurate.

The amount that would be taxable would be:
Value of securities/funds sold (proceeds from the sale) minus the value
of the securities/funds on the date of the previous owners death.
- i.e. it could be a gain or a loss, the only taxable event would be on
the appreciation (increased value) on the securities/funds after one
inherits the stock; any income tax due on the appreciation of the value
(profit) of the securities/funds held while the previous owner was alive
is therefore forgiven.

This also depend on the fact that in some countries you are given an
annual exemption for capital gains tax. In the UK the limit for the tax
year 2011/12 was £10,600 and only the excess is chargeable to tax.

The tax rate is also dependent on your other earnings.

Hope this helps when using your Windows 7 64 bit system.

Good luck.

It's very much helped my adjustment to the vagaries of Windows 7/64, an
OS which really taxed my cognitive abilities.

I go to H&R Bloch with all my Windows 7 questions.

Thanks for not stumbling...

--
Gene E. Bloch (Stumbling Bloch)