Entering Stock Information

Michael Ward Cole colemw@home.com
Fri, 25 Jan 2002 17:19:32 -0500


Yes, I believe that you are correct.  I guess maybe I don't understand
this double entry stuff as much as I thought that I did.  I already have
an account in Income:Gifts Received.  Is the idea that I put the total
amount of the stock value in this account first and then transfer that
amount to the particular stock account entry?  I entered the particular
information and came up with a total in the Income:Gifts account but not
in the Stock account.  In the stock account, I entered the dollar amount
in the Buy column.  Oh well.  Or....
should I have a negative value in Income:Gifts when I transfer the funds
to the Stock account...or am I just so confused that I should go play
mahjongg for a while.
Thanks,
Michael

On Fri, Jan 25, 2002 at 10:30:59AM -0800, David Hampton wrote:
> On Fri, 2002-01-25 11:30:15, Michael Ward Cole wrote:
> > 
> > And the shares were a gift, so I didn't purchase them. But
> > should I transfer from Equity:Opening Balances to the stock account or
> > what?  Thanks for any help.
> 
> You should transfer the money from an income account so it is recorded
> properly.  If I remember right, the first $10,000.00 per year in gifts
> is tax free and anything over that is taxable (in the U.S.).
> 
> David
> 



-- 


Michael Ward Cole, DO
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