Hard to say at this point, partly because the tax implications change based on the value of the stock when we actually sell it vs. its value at the point we inherited it.

Also, if it is a specific or residual bequest, I think. (It's been 10 years since I did any Estates & Trusts.) Anyhoo, fingers crossed, Susan!

My commute was kerfucked this morning because of a fire that forced the evacuation of 170 apartments. Conclusion: Police need better training in conducting traffic because the fellow at one corner looked confused.

eta: DC fire xpost!

Good lord, I thought conducting traffic was one of those cultural things people would pick up from movies and TV when growing up.

Or maybe I focus on these things in shows waaay too much.

This is DC traffic - large numbers of people, all of whom are IMPORTANT and have IMPORTANT places to go and IMPORTANT things to do, so they shouldn't have to wait. Or stop for lights. Or for traffic. (or, actually, for flaming buildings in their path)

My commute is not (yet) kerfucked because I am still on the couch in my pjs. Should probably do something about that.

Yay, Susan! I've long forgotten the tax implications, but something to factor in -- if the company pays regular dividends, it may be worth considering whether to accept the regular extra income over the one-time windfall that may be subject to a big tax hit.

Oh jesus, just got an invite to my 20 year HS reunion. Unpossible!

As I understand it, the cost basis is the worth of the stock the day your relative died. If it's now worth more, you'll pay long-term capital gains on the difference between the cost basis and the current value. Considering that the market is down, you might not have anything to pay, unless the amount of inheritance is high enough to be subject to inheritance taxes. If it is, congratulations!

(Note: Amateur advice. Use with caution.)

Emeline has decided she does not like pants. She screamed and whined for a half hour this morning about her severe dislike of pants.

Apparently Aunt Jilli has corrupted her....

Gods, it's been a bit, let me see...

Cost Basis is the amount of money on which taxes have already been paid. With stocks it would most likely be the price of the stocks when they were purchased. You would be taxed on the difference if they're worth more.

For example: On Day X when Relative purchased the stocks, he paid $1000.00 for them. He paid for it out of his own pocket, presumably with money from a paycheck on which he had already paid taxes.

On Day Y when they get cashed in (either by Relative or by Heir) they are worth $3000.00. Relative (or Heir) will owe taxes on $2000.00 worth of assets.

The rule is more or less this: The IRS *will* get their bite, but they only get to bite once.

Susan! Crumbs, that would be fabulous. Fingers crossed!

Meara, I'm wishing you Less Irritating But Equally Hot Womenfolk right now and they're fucking great. (And great at fucking.)

Emeline has decided she does not like pants. She screamed and whined for a half hour this morning about her severe dislike of pants.

It's been a long day, so initially I failed to translate this in my head into US-speak, and was nodding in an unsurprised way about Em going commando as I recalled the Empress impressively whisking off her knickers in front of me (whilst wearing PJs, iirc).

But that's NOT what you meant. Okay. Carry on.

So, 2nd day of parent conferences and so far, so good. There are a few stragglers I need to mop up, but mostly we're done. Yay! And one of them brought me a random bottle of wine! Jacob's Creek Cabernet Sauvignon - ie wine I would totally drink! (...were I not following Atkins). Yay for that!