林修榮理財專欄
林修榮出生在香港，七零年代初期來美留學，獲加州大學貝克萊分校商科碩士學位，此後二十一年在美國與香港參予銀行、金融、電訊管理工作，曾任香港訊聯電信電話公司總裁，與美國聯合銀行總裁及董事局主席。四十五歲提早退休，此後全部時間義務輔導華人財務，每星期主持三個現場
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What is the cost basis of stocks which are given as gifts?
It depends on the market value at the time of gifting.
If the market value at the time of gifting is higher than the original purchase price then the original purchase price is passed to the recipient.
If the market value is lower than the original purchase price, then the cost basis is a dual basis, and would depend on the price when the stocks are sold in the future. Let me use examples to illustrate:
Let's say A bought a stock at a cost of $10 a share. The market value has dropped to $2. A makes a gift of this stock to B. The cost basis of the stock for B is "dual basis", and it would depend on the price B sold the stock in the future.
If B sells the stock for $15, the cost basis of the stock is $10 (the original cost basis) and B has capital gain of $5.
If B sells the stock for $1, the cost basis of the stock is $2 (the market value at the time the gift was made), so B has capital loss of $1.
If B sells the stock for $7 (or any price between $2 and $10) B has neither a capital gain or capital loss.
The whole idea behind this tax rule is that one cannot transfer capital loss to another person. You will see from the examples above that A's original capital loss of $8 is lost forever.
