Other Tax Questions
Questions and comments on other topics covered in Fairmark.com, such as UTMA accounts, and any tax questions that don't fit our other categories.
power of attorney
Posted by: sissa51, September 24, 2017 09:55PM
i am the power of attorney for all my moms investments. she will soon pass away due to extreme sickness. she has a carryover of losses on some stocks. do i have the right to sell some of her stocks that she has gains on to offset her losses? i also assume the money has to stay in her account until she passes? the account is a TOD account. if i don't sell any of her stocks, is the basis of her stocks what it is the day she passes?

Re: power of attorney
Posted by: Art, September 25, 2017 05:26PM
I am sorry to learn of her condition.

Be aware the POA expires when she does.

Yes you may sell stocks with a paper gain to cancel gain, and you will have to figure if this is a good financial decision.

The money received from selling stocks during her lifetime can be used for many thing, including paying her medical bills.

In general the FMV of the stocks in her account on date of death will be the basis. If she has over $5.5million in her estate come back here for additional details.



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