To avoid paying taxes on inherited stock, sell shares as close to the date of death as possible. This will help minimize capital gains and taxes charged.
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Financial Issues With Dan Celia September 27, 2021
Information given by Dan could be based upon time-sensitive market data or economic situations that are subject to change.
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Thank you so much!!! So inherited IRA distributions are treated like regular income (but in IL I don't think I have to pay state or FICA tax) and a regular investment account with securites can be sold and treated as long term captal gains instead of income tax. And with a step up cost basis, if sold right away … There would be no taxes? And if it went down before I sold, I could write off capital losses and also pay no income tax?
Very subjective advice. What if those are great stocks and do nothing but grow?
But what if the person who owned the stock bought the stock for $10? Would you not have to pay capital gains tax on the profit from $10 to $34?