[GNC] How to record giving gift of shares

Fred Tydeman tydeman.fred at gmail.com
Sun May 22 17:27:28 EDT 2022


Some years ago (before I started using GnuCash), I bought some shares of a
mutual fund (so have an Equity:Opening Balances transaction)
Over the years, the dividends were reinvested to buy more shares.
Now, I wish to give all of these shares to my son.
How do I record both the basis price and the fair market value (FMV)?
I assume that I record a sale of all the shares at the current basis price
in my account (so I have no capital gain).
And I record a buy of the same number of shares at that basis price in my
son's account (in the US, the basis price carries to the new owner).
How do I record the FMV of the gift?  Perhaps: Expense:GIft.
A gift tax return in the US needs both the basis price and the FMV of the
gift.
Do I need to record unrealized gain?
Do I need to adjust Equity:Opening Balances?


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