Q: I have stock that was given to me as a gift about 20 to 25 years ago. This year I sold a small portion of this. How do I report it on my taxes? Should I try to find out what it was worth twenty years ago and then do a capital gains or loss? Any information about this would be helpful. If you can’t give me an answer do you know where I can find one?
A: Contact the company. They will know the price on the date of purchase. And yes, you need to figure out if you’ve had a gain or loss in 20 years. If you have a gain, you will have to pay 20% if you’re in the 28 percent bracket or above, or 10 percent if you’re in a lower bracket.
Your tax preparer can help you further.