10 things you need to know before voting in the midterm election. Find out more.
by Carole Fleck, From the AARP Bulletin Print Edition, October 1, 2010
Q. My father is giving us shares of stocks. When we sell them, will we have to pay taxes?
A. Probably. If your father bought the shares for $1,000 five years ago, and you sell them for $3,000, you'd owe taxes on the $2,000 in capital gains. But if you sold the shares for less than $1,000, you'd take a capital loss and reduce your taxes. Consult an accountant or legal adviser for details.
Expert: Linda Stern.
Carole Fleck is a senior editor at the AARP Bulletin.
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