I am a 21 year old college student (dependent).
My parents invested my college savings in stocks. They have about 30,000 dollars left in shares of Apple (I am a senior at a public university)
They are in the 33% tax bracket.
Edit: I am in California Edit: I do not have a job (doing unpaid internship overseas)
Questions: What happens if they transfer the 28,000 dollars worth of stock into a brokerage account under my own name.
Effectively gifting the shares to me. They have a joint account so I should be safe under 28,000 dollars from gift tax.
The stock gained 7000 dollars so was bought with 21,000 dollars.
If I get the stock, will I have to pay kiddie tax on the 7000 if I do not sell the stock?
Will it benefit me if I keep the stock until I graduate, and get a job to be taxed at my own lower rate?
Thanks in advance!
Showing posts with label unpaid internship overseas. Show all posts
Showing posts with label unpaid internship overseas. Show all posts
Sunday, November 27, 2011
Tax Question
AskTaxGuru.com Junior Member, feng, asked:
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