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Mutual fund inheritance?
A few days before my mother died, I opened a joint mutual fund in her name with mine. The fund has been probated to my name. I am wondering whether I start with a new basis as a redemption of shares or owe an amount of tax on gains as though there was a redemption and transfer of the funds to my new account in my name as sole owner?
2 Answers
- Anonymous6 years ago
How was title held when you opened it? That's key. If it was JTWROS, then you automatically became sole owner when she passed and there is no "probating." If you don't know, ask the mutual fund company or brokerage.
If you actually INHERIT securities (title is transferred from the name of the decedent to your name), then your cost basis is the value of the securities on the date of her death.
- ?Lv 76 years ago
no there was no redemption, your basis was the basis at the time of the original purchase
