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Robin inherits 1,000 shares of Wal-Mart stock from her aunt Julieta in 2020. According to the information received from the executor of Julieta’s estate, Robin’s adjusted basis for the stock is $55,000. Albert, Robin’s fiancé, receives 1,000 shares of Wal-Mart stock from his uncle Roberto as a gift in 2020. Roberto tells Albert that his adjusted basis for the Wal-Mart stock is $7,000. What could cause the substantial difference in the adjusted basis for Robin’s and Albert’s respective 1,000 shares of Wal-Mart stock?

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Answer:

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Explanation:

Asset received as Inheritance and Asset received as a gift could cause the substantial difference in the adjusted basis for Robin’s and Albert’s respective 1,000 shares of Wal-Mart stock

When someone gives you cash or other valuable assets, do you owe income tax:’ No. The same is true if you receive an inheritance. The giver may owe gift tax and the decedent’s estate may owe estate tax but you, as the recipient, won’t owe income tax.

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