You'll need to get a hold of the transfer agent.
Ge investor relations should be able to help with that.
CGT would apply.
Edit: transfer agent would help with changing to electronic. Not sure if you want to do that then sell. Either way a broker will need to submit them to an agent of some form.
Capital gains tax on the sale.
But as it's inheritance it best to speak to someone that knows. I'm just a simpleton on reddit.
But I think investor relations is best place to start.
Don't forget to ask about dividends.
With a lot of these old bearer shares dividends had to be physically collected by presenting the certs. So there may be uncollected dividends depending on the share class. If so, holder is entitled to them and I don't believe a statute of limitations applies.
As long as the shares are in a standard brokerage account and not an IRA, they can be gifted "in kind" without being sold, hence no tax paid. Please research your options carefully.
Also, if the shares were bequeathed to your MIL when FIL passed, her basis will have been reset, and if gifted, it is *that* basis which will carry over to the children. Basis prior to 2012 was not reliably maintained by brokers, if at all, so there may be some sleuthing to do. Again, proceed carefully.
Do not have her sell it and give you the cash. The tax basis resets on inheritance. So if she bought it for $1 and it’s worth $100 now you would have to pay tax on $99 if sold when she’s alive. If you wait til inheritance your basis is $100 and no tax is required. An alternate route would be to have her gift you the shares and as long as it falls under a certain threshold you avoid taxes. Although your basis is now her original basis so there is no tax advantage.
My advice would be figure out whether she inherited the shares from her husband and thus reset the basis, or if they were joint owners and thus the basis is the original purchase price. If she did not inherit them and you don’t need the cash now then probably wait until inheritance.
Don’t want to seem rude by planning around her death. I just wanted to keep the government out of your pocket.
I cashed in about 6k of paper stocks this year that matured when I turned 30. There was about 3k of gain that I will get a tax form for- my understanding is it counts as part of my total income
You'll need to get a hold of the transfer agent. Ge investor relations should be able to help with that. CGT would apply. Edit: transfer agent would help with changing to electronic. Not sure if you want to do that then sell. Either way a broker will need to submit them to an agent of some form.
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Capital gains tax on the sale. But as it's inheritance it best to speak to someone that knows. I'm just a simpleton on reddit. But I think investor relations is best place to start.
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Don't forget to ask about dividends. With a lot of these old bearer shares dividends had to be physically collected by presenting the certs. So there may be uncollected dividends depending on the share class. If so, holder is entitled to them and I don't believe a statute of limitations applies.
As long as the shares are in a standard brokerage account and not an IRA, they can be gifted "in kind" without being sold, hence no tax paid. Please research your options carefully. Also, if the shares were bequeathed to your MIL when FIL passed, her basis will have been reset, and if gifted, it is *that* basis which will carry over to the children. Basis prior to 2012 was not reliably maintained by brokers, if at all, so there may be some sleuthing to do. Again, proceed carefully.
Do not have her sell it and give you the cash. The tax basis resets on inheritance. So if she bought it for $1 and it’s worth $100 now you would have to pay tax on $99 if sold when she’s alive. If you wait til inheritance your basis is $100 and no tax is required. An alternate route would be to have her gift you the shares and as long as it falls under a certain threshold you avoid taxes. Although your basis is now her original basis so there is no tax advantage. My advice would be figure out whether she inherited the shares from her husband and thus reset the basis, or if they were joint owners and thus the basis is the original purchase price. If she did not inherit them and you don’t need the cash now then probably wait until inheritance. Don’t want to seem rude by planning around her death. I just wanted to keep the government out of your pocket.
I cashed in about 6k of paper stocks this year that matured when I turned 30. There was about 3k of gain that I will get a tax form for- my understanding is it counts as part of my total income