Question for those that may have gone through this.
I was gifted stock 30 plus years ago.
My father worked for a company and bought a few shares which grew through dividend re-investments.
Once I put the stock solely in my name I moved the shares into one of my online trading accounts.
At which point the online companies did not have a clue what the original cost basis was.
In reality it was all free to me....because i didn't pay a dime (other than taxes paid for dividends)...I just reaped the rewards of dividends and re-investments.
1. Would the company (it's a large utility company) have the my stock holder's info from all those many years?
2. Would the company be able to tell me original stock purchase info and for how long I've held the stock?
3. If the above info is received...is it difficult to then calc a cost basis?
The reason I ask, my financial adviser I'm sure doesn't want to deal calcing cost basis for something he doesn't hold for me and has suggested I gift the stock to charity. I'm "okay" with that but..... gifting $16K makes me cringe just a little.
Tax benefits from gifting stock? A little tax info...
Our home is paid for, we have no kids which makes for -0 deductions.
Just wanting some feedback for those that may have experience in this.
Thanks in advance!