I'm trying to figure out the cost basis for some inherited stock my mom and dad held jointly. My dad passed away last year and this is one of the final pieces I am trying to figure out with the CPA doing the taxes.
What I know:
My grandmother (father's side) purchased 300 shares of Ohio Edison in 1978. I know this because I have the original carbon copy receipt from the Merrill Lynch broker. Side note - the cost to facilitate this trade was $118.93 on shares worth $5512.50!
My grandmother had this stock titled in her name alone. When she died in April of 1997 my father inherited this stock from her. I've searched and searched and cannot find a historical price for the date she past away where my father would have received the full step up in basis. At some point during this process my father would have changed the title of the stock holding to JTWROS with my mother.
I have records showing that on December 12 1997 the shares were reissued as First Energy as a result of the merger between Ohio Edison and Centerior Energy. The value of the stock on that day (300 shares) would have been $8164. The FE shares were held at AST Financial and there are no records to indicate anything other than the issuance of the shares back on December 12 1997.
With the information I have, should I just use the original purchase price of $5512.50 as the cost basis for my father's half? I understand my mom receives a step up on her half from my dad's death in April of last year.
Thanks for any help on this one!
What I know:
My grandmother (father's side) purchased 300 shares of Ohio Edison in 1978. I know this because I have the original carbon copy receipt from the Merrill Lynch broker. Side note - the cost to facilitate this trade was $118.93 on shares worth $5512.50!
My grandmother had this stock titled in her name alone. When she died in April of 1997 my father inherited this stock from her. I've searched and searched and cannot find a historical price for the date she past away where my father would have received the full step up in basis. At some point during this process my father would have changed the title of the stock holding to JTWROS with my mother.
I have records showing that on December 12 1997 the shares were reissued as First Energy as a result of the merger between Ohio Edison and Centerior Energy. The value of the stock on that day (300 shares) would have been $8164. The FE shares were held at AST Financial and there are no records to indicate anything other than the issuance of the shares back on December 12 1997.
With the information I have, should I just use the original purchase price of $5512.50 as the cost basis for my father's half? I understand my mom receives a step up on her half from my dad's death in April of last year.
Thanks for any help on this one!
Statistics: Posted by LSGP_545 — Wed Mar 20, 2024 10:57 pm — Replies 0 — Views 23
