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.