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How to transfer stock from one account to another

Transcript of the video:

Upbeat music plays throughout  

Video Introduction Plays  

Narrator: Looking to transfer securities to another one of your accounts? You can transfer positions between your Schwab brokerage accounts online quickly and easily.

To get started, select Move Money , then select Transfers & Payments . To transfer positions, select Online Transfer .

Move Money is selected, then Online Transfer

Narrator: Next, tell us what you would like to transfer by selecting Cash only, Positions only, or Positions and cash . For this example, we’ll choose Positions only .

Mouse clicks on Positions only.

Narrator: Carefully select the From and To accounts, and make sure that both accounts selected are Schwab brokerage accounts. Select the position or positions you would like to transfer, and be aware that some positions, like short positions, are not available to transfer.

From and To accounts are selected, and a share amount is entered next to a security.

Narrator: The online transfer service may not support your security transfer if you hold a substantial amount of unique positions. In such instances, call (800) 435-4000 for assistance making your transfer, or chat with us online by selecting Support , then Chat.  

Blue pop-up window with text appears.

Narrator: Finally, select Continue. Review the transfer details and the terms and conditions on this page, then when you’re ready, select Submit .

Continue is selected, then Submit.

Video outro plays. 

Transfer securities and cash using an online transfer on Schwab.com.

Transfers and payments

Read PDF: How to transfer stock from one account to another

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In-Kind or ACAT Transfers: How to Switch Brokers and Move Your Investments

Arielle O'Shea

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

If you have an account at an online broker and you haven’t checked out the competition in a while, it would be worth your while to take a look.

Trade commissions were eliminated by many major brokers in 2019, and investors who are willing to transfer their brokerage accounts may save considerably by doing so.

That's especially true if you're a frequent stock trader, but even buy-and-hold mutual fund investors might find greener grass: Expenses on funds from companies such as Charles Schwab, Vanguard and Fidelity have hit record lows.

Through a process called an in-kind or ACAT transfer, switching brokerage accounts isn't hard. But inertia is powerful. This guide to transferring brokerage firms may be just what you need to prioritize a change.

» Get a bonus: View the best brokerage promotions right now

What is an in-kind or ACAT transfer?

An in-kind or ACAT transfer allows you to transfer your investments between brokers as is, meaning you don't have to sell investments and transfer the cash proceeds — you can simply move your existing investments to the new broker.

Many brokers accept in-kind or ACAT transfers, which make it easier to switch accounts and allow you avoid any tax consequences of selling investments. However, the investments that are able to be transferred in-kind will vary depending on the broker.

In general, most stocks, bonds, options, exchange-traded funds and mutual funds can be transferred as is. Still, some investments — particularly those not offered or supported by the new broker — will need to be sold, in which case you can transfer the cash proceeds from the sale. Ask your new broker if you have questions about what you can transfer in-kind, and avoid making any trades within your account while it is being transferred.

How to transfer brokerage accounts

The new broker you’re eyeing will be more than happy to hold your hand through this process. It wants your money and is keen to help you move it over. So lean on its customer support as you go through these five steps:

1. Get your most recent statement from your existing account. Your new broker will need the information on this statement, such as your account number, account type and current investments.

2. Open an account at the new broker. Most accounts at most brokers can be opened online. Be sure to have some information handy — the broker is likely to ask for your name, address, income, birth date, Social Security number and driver’s license number. The account you open should match the account you’re transferring — in other words, an IRA account should be transferred to an IRA, a taxable account should be transferred to a taxable account. (Need more specifics? Here’s how to open a brokerage account .)

3. Initiate the funding process through the new broker. Generally, you’ll be walked through a step-by-step process online that includes filling out a transfer form or ACAT form. Most accounts can be transferred through an automated process called the Automated Customer Account Transfer (ACAT) Service. Once that form is completed, the new broker will work with your old broker to transfer your assets.

4. Watch and wait. The broker you’re transferring to will review the assets in your account and determine whether they can be transferred in-kind. And then reach out to your old broker to facilitate the transfer process on your behalf.

5. Enjoy your new account. In most cases, the transfer is complete in three to six business days. Your broker may be able to give you a more specific time frame. Some even have online trackers so you can follow that money.

» Compare and save: See our full list of the best online brokers

transfer ownership of stock portfolio

Understanding brokerage transfer fees

There’s a good chance that a full transfer out of your account will come with a fee from your old broker, generally from $50 to $100. ( Here's our rundown of common brokerage and investment fees .)There’s no real way around it, but you may be reimbursed by your new broker, either formally via a program that reimburses transfer fees or informally via a new customer cash-back or free-trading bonus.

Even if you can’t get the new broker to somehow eat the cost of making the switch, you may find that the fee — while a bummer — is worth it if you’re able to reduce your trading commissions. This calculator will tell you when you’ll break even on a transfer fee and how much you’ll save by transferring to a less expensive provider.

Keep records from your old account

Finally, hang on to statements from your old accounts. They will give you a history of IRA contributions, for example, so if you ever convert a traditional IRA to a Roth IRA or need to take an early distribution of Roth IRA contributions, you’ll know how much of your money was contributed after-tax.

If you have a taxable account, your statements should detail the cost basis — or the original value — of your investments. Your new broker may not have this kind of history available, and it will be important come tax time, especially if you’ve sold investments. You’ll need the cost basis to report any capital gain or loss. Often, if you provide your cost basis to your new broker, they can update it in their system.

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How to Change Stock Ownership

January 16, 2016 — 03:21 am EST

Written by The Motley Fool  ->

Stock investors typically focus on how to buy or sell shares of the stocks they own. Yet from time to time, you might want to make gifts of stock, either to family members, charities, or other people or institutions. The process of changing stock ownership is more complex than simply giving someone a piece of paper, and depending on how you own your shares, you'll need to follow a different process to complete your gift or transfer.

Three ways to own stock

There are three different ways you can hold shares of stock. Most people who have brokerage accounts hold shares in street name, meaning that the broker they use is the official registered owner of the shares. Your stock is allocated to you internally within the broker's operational records, but as far as the company whose shares you own is concerned, ownership remains with your broker. That means that you'll have to work with your broker to change stock ownership.

Alternatively, there are two situations in which you will be recognized as the official owner of your stock. If you hold paper stock certificates, your name will be reflected in the company's own records. Alternatively, some companies allow you to register shares directly, especially if the company offers a direct reinvestment investing plan. Either way, you'll work directly with the company's transfer agent to change stock ownership.

The process of changing stock ownership

If you own stock in street name, then you can work with your broker to change the ownership of some or all of your shares. Contact your broker to get the appropriate forms to complete. The process will be simpler if the new owner also has or will have an account with the same broker, because no change in the actual registration of the shares will be necessary. The broker will simply make the transfer on its own internal books. If you transfer shares outside your broker, you'll need a broker-to-broker transfer form, and your current broker will need instructions on how to make the transfer to the receiving broker.

If you have a stock certificate or have your shares registered directly, then the transfer process will involve the company's transfer agent. You can find out who your company's transfer agent is by contacting its investor relations department. Then, the transfer agent will have you send in any paper stock certificates you have, along with a letter of instruction to instruct it on how to change the ownership of the stock. You'll typically need to get a signature guarantee from a financial institution to satisfy the transfer agent, and you might also need other legal documents granting you authority to change ownership.

Giving shares of stock isn't as simple as giving cash, but it can be a better way to give both for you and for your intended recipient. With help, you can navigate the process of changing stock ownership the way you want.

The $15,978 Social Security bonus most retirees completely overlook

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The article How to Change Stock Ownership originally appeared on Fool.com.

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Investor Alerts and Bulletins

Investor bulletin: transferring your investment account.

June 27, 2014

The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to educate investors about transferring an investment account from one investment firm to another and to provide tips on how to avoid problems and delays. 

Investors transfer their investment accounts for many reasons.  Their broker or investment adviser may have retired and the investor wants to switch to a new broker or investment adviser.  Or perhaps their current broker or investment adviser is switching firms and the investor is also transitioning to the new firm.  While the account transfer process is not complicated, investors should keep in mind that it is a decision they should fully understand. 

How the Account Transfer Process Works

Most account transfers between firms are made using the Automated Customer Account Transfer Service (ACATS).  The National Securities Clearing Corporation (NSCC) operates ACATS, and both the New York Stock Exchange (NYSE) and the Financial Industry Regulatory Authority (FINRA) require their member firms to use ACATS.  Transfers involving cash, equities, corporate and municipal bonds, government securities, mutual funds, and listed options are readily transferable through ACATS.  If a transfer is made through ACATS, and there are no problems, the transfer should take approximately three to five business days to complete from the time the new firm enters the transfer form into ACATS.

All transfers start and end with your new firm.  Customers initiate the transfer process by completing a Transfer Instruction Form (TIF) and sending it to the new firm.  Most account transfer delays occur because the TIF is either incorrect or incomplete.  It is critical that you use the correct form and fill it out very carefully.  Be sure to provide the requested information exactly as it appears on your old account.  Once the new firm receives the TIF, it begins the transfer validation process by sending the TIF to the old firm via ACATS, with a list of assets to be transferred. 

The old firm has one business day to validate or reject the transfer request.  If the assets in an account can be transferred through ACATS, the old firm can reject a transfer request only if the form has been completed incorrectly or there is a question about the ownership of the account or the number of shares. 

Once the transfer request is validated by the old firm, the account is frozen for transfer to the new firm.  The old firm will send a list of the assets to be transferred to the new firm, which can reject the transfer only if the account is not in compliance with the new firm’s credit policies or minimum asset requirements.  

The old and new firms must act to complete the transfer so it is important to stay in touch with both of them.  If there is a problem, ask for an explanation of how to correct it.  If the old firm takes no action on the request or a problem is not resolved within two business days, the transfer request is purged (or deleted) from ACATS.  If that happens, FINRA is notified and the new firm must start over by inputting the transfer request into ACATS.  Once the transfer is complete and you receive your first statement from your new firm, it is a good idea to take the time to compare it with your last statement from your old firm to verify that all assets have been correctly transferred.

Questions You Should Consider Asking Before You Initiate Your Account Transfer

Discussing the transfer process with your new firm is the best way to become familiar with the account transfer process.  If the answers to your questions are not clear, ask the new firm for a written response.  You should ask questions, such as:

►  Can you explain the transfer process to me?

►  Can you tell me what fees I should expect to pay (including transfer fees and any other fees associated with the account (e.g. annual fees, brokerage commissions)?

►  What documents or information do I need to transfer my account to your firm?

►  What do I need to do to start the transfer process and what should I expect after that?

►  What is the anticipated length of the transfer process given the specific type of account (such as cash, margin, IRA, custodial) and the assets held (such as stocks, bonds, options, limited partnership interests)? 

►  Can you identify any issues that may cause a delay during the account transfer process?

►  How and when will you inform me that the transfer process is complete?

►  Does your firm have any specific policies or constraints that might impact the account transfer?  For example, if you have a margin account, ask if the new firm will accept a margin account and, if so, what its minimum requirements are.   In short, make sure the new firm is a good fit for you as a customer before you attempt to transfer your account.

►  Are there any restrictions on transactions I can execute during the transfer process?  For example, buying and selling securities during the account transfer process can complicate and delay the transfer. 

►  Can you identify any securities or assets in my account that may not transfer and how they will be handled?  Before initiating the transfer process, ask your new firm which assets in your account may not transfer.  These securities may include:

  • securities sold exclusively by your old firm;
  • mutual funds or money market funds not available at the new firm, typically because the new firm does not maintain a relationship or arrangement with the fund necessary to hold the asset;
  • limited partnerships that are private placements, typically because the asset is held at the issuer, not the broker or investment adviser who sold it to the customer;
  • fractional shares of securities; and
  • bankrupt securities.

You will need to make an informed decision regarding these non-transferable assets.

  • You may be able to simply sell the non-transferable asset and transfer the cash proceeds, but you should consult your tax adviser first because selling the asset may affect your taxes.  Also, before selling a mutual fund and buying a similar fund at your new firm, find out the fees that will be charged for the transactions by the old and new firms.
  • If you choose to leave the non-transferable assets at the old firm in an inactive account, ask whether a fee will be charged.
  • You may be able to take physical delivery of assets directly from your old firm. However, this may not be a wise choice.  Taking possession of a physical security poses risks, such as the security being lost or stolen.  Lost or stolen securities require significant time and money to replace.  Also, it usually takes longer to sell a physical security than one your broker or investment adviser already holds electronically.

If you own some of these non-transferable securities, it may take longer to complete a transfer while you decide how to handle them.  Your old firm is required to transfer whatever securities or assets it can through ACATS and ask you what you would like to do with the others.

Other Issues

Fees matter.

Make sure you understand the fees you will pay in transferring your account.  You should ask your old and new firms about their fees.  Sometimes, transfer fees can be substantial. These fees are typically spelled out in your account agreements with the firms.  (If you no longer have your account agreement handy, ask your broker to provide you with a copy of its fee schedule.)  Your old firm may charge you a fee to cover the administrative expenses associated with the transfer, and the new firm may also charge a fee.  If you are transferring a retirement account, you should be aware that some firms will charge a “transfer out” as well as a prorated retirement account custodial fee.  Before you initiate your account transfer, you may want to approach your new firm and ask them to waive or reimburse you for any transfer fees.  In addition to transfer fees, make sure you also understand the various fees and expenses associated with your account at the new firm.  For additional information on account fees and expenses in general, please read our investor bulletin “How Fees and Expenses Affect Your Investment Portfolio,” at  http://www.sec.gov/oiea/investor-alerts-bulletins/ib_fees_expenses.pdf .

Considerations If Your Financial Professional Moves to a New Firm

If your broker or investment adviser moves to a new firm, he or she may ask you to transfer your account to the new firm.  In addition to the general questions about transfers discussed above, you should also consider asking your broker or investment adviser the following:

  • Why are you moving to the new firm?
  • What benefits or advantages will I receive from transferring my account to the new firm?
  • Has the new firm offered you any incentives or compensation to get me to transfer my account to the firm?

Not All Customer Account Transfers Use ACATS

Banks, mutual funds, credit unions, insurance companies, and limited partnerships are not required to participate in ACATS.  However, many banks voluntarily use NSCC’s “ACATS for Banks” program.  If a bank participates in the program, then a transfer from a participating bank to a broker or investment adviser or vice versa should occur in the standard ACATS time frame of approximately three to five business days from the old firm’s receipt of a correct TIF from the new firm.  If you are transferring your account to or from a bank, you should ask whether the bank participates in the “ACATS for Banks” program.   

If ACATS is not used, the old firm and the new firm exchange forms between themselves and the customer.  It is not uncommon for the account transfer process outside of ACATS to take up to thirty (30) days. 

Dividends, Interest, or Other Assets Received After The Transfer Is Complete

If possible, time your transfer so that events such as dividends, interest, and proceeds from sales of securities will not arrive in your account after the transfer is due to be completed.  If this does happen, however, your old firm is required to promptly transfer them to you at your new firm.

Transferring an Annuity

Chances are that if your annuity is appearing on your investment statement, you bought it from the broker or investment adviser who has a selling arrangement with the insurance company that issued the annuity.  The annuity itself is held by the insurance company and your broker or investment adviser keeps a record of it and services the annuity (acts as a “go between”) for you.  In this case, your old firm will use the ACATS system to change the “broker of record” to your new firm.  This process should not be confused with transferring an annuity from one insurance company to another, which typically involves a sale of the annuity.

What If My Account Is Not Transferred and I Think It Should Have?

If you feel your account has not been transferred in a timely fashion, ask to speak to the compliance director at your old and new firm.  If you are not satisfied, please contact the SEC, FINRA, or your state securities regulator to report the issue and get assistance.

U.S. Securities and Exchange Commission Office of Investor Education and Advocacy 100 F Street, NE Washington, D.C. 20549-0213 (800) 732-0330 http://www.sec.gov http://www.investor.gov

Financial Industry Regulatory Authority (FINRA) FINRA Complaints and Tips 9509 Key West Avenue Rockville, Maryland 20850 (301) 590-6500 http://www.finra.org/Investors/

North American Securities Administrators Association (NASAA) 750 First Street, NE Suite 1140 Washington, D.C. 20002 (202) 737-0900 http://www.nasaa.org

Finally, you should never hesitate to Ask Questions ( http://www.sec.gov/investor/pubs/askquestions.htm ).  A simple error could significantly delay the transfer.  Be certain your old and new firms have the information they need to make the transfer happen in a timely fashion.

RELATED INFORMATION

We offer educational materials so that investors can develop an understanding of the securities industry and learn how to avoid costly mistakes and fraud.  Our educational materials also provide tips on how investors can invest wisely.  Investors can order our free publications by calling (800) SEC-0330, or access them on the Internet through the SEC’s Investor.gov website.  For additional educational information for investors, see the SEC’s Investor.gov website or the Office of Investor Education and Advocacy’s homepage .

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Can You Transfer Stock Into Someone Else's Name?

Jeannine Mancini

6 Tips to Save Using the Most Popular Food Delivery Apps

If you own stocks, you have the legal right to transfer ownership to someone else. There are no penalties or rules prohibiting the transfer of assets. You do not have to sell the shares either. The method used to transfer your stock depends on how your stock is currently held. When you transfer stock shares, tax implications may arise for the donor and the receiver.

If you are the current owner of stocks, you have the legal right to transfer the ownership of these stocks to another individual. As part of this transfer, you do not have to sell the shares you currently have.

Paper Stock Certificates

If the stock is held in the form of a certificate, you must physically transfer it. Complete any information required pertaining to yourself and the recipient, such as the new shareholder's name, address, and tax identification number or Social Security number. Endorse the certificate by signing it on the back in the presence of a guarantor, typically the bank or the broker. The recipient of your stock can then submit the stock certificate to his brokerage firm for deposit.

Electronic Stock Shares

If your stock is held electronically, initiate the transfer process by completing a transfer request form through your broker. The forms may vary depending on the company, but most require the same basic information. Generally, you will need to provide your personal information, name of the company, current account number, number of shares being transferred and the recipient's personal and broker information. Some forms require you to have your signature verified with a Medallion Signature Guarantee. The guarantee is a stamp used to ensure the transaction is legitimate. An eligible guarantor institution, including a bank or a brokerage, provides the Medallion Signature Guarantee.

Gift Tax for Donors

Stocks you give away are classified as gifts. Under federal law, you are required to pay taxes on gifts when you surpass your lifetime gift limit or the limit per person for the year. In 2018, the gift tax law allows you to give up to $15,000 to individuals each year without paying a gift tax. If your gift exceeds that amount to any one individual, you must report it on your tax return, but you do not have to pay until you reach your lifetime limit of $11,180,000 million on stock transfers. For example, if you give your daughter shares of stock that are valued at $18,000 this year, $3,000 counts toward your lifetime limit. For married couples, the annual exclusion amount doubles, allowing couples to gift up to $30,000 to each person. Gifts to spouses are excluded from taxes.

Taxes for Recipients

If you transfer your stock shares to someone else, you are not liable for any taxes, aside from the potential gift tax. Although there is no gift tax for the recipient, he will be responsible for any capital gains taxes assessed when the shares are sold. Capital gains or losses are based on the donor's original cost basis, the donor's holding period, and the fair market value at the time of the sale.

  • Internal Revenue Service: Frequently Asked Questions on Gift Taxes
  • Charles Schwab: How Do You Value a Gift of Stock?
  • IRS: What's New - Estate and Gift Tax

Jeannine Mancini, a Florida native, has been writing business and personal finance articles since 2003. Her articles have been published in the Florida Today and Orlando Sentinel. She earned a Bachelor of Science in Interdisciplinary Studies from the University of Central Florida.

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How Much to Transfer Stocks to My Kids?

Intergenerational stock transfers can have consequences.

Intergenerational stock transfers can have consequences.

Comstock/Stockbyte/Getty Images

More Articles

  •   1. How to Transfer Shares of Stock to Another Person
  •   2. How to Transfer Equal Shares of Stock to Heirs
  •   3. Taxes on Stocks After a Death

Investing can give you the peace of mind of knowing you’ll be well taken care of in retirement. But there comes a time when you may consider what will happen after you’re gone. Even before then, you might want to use your gains to make sure your children live comfortably. Fortunately, there are ways you can transfer stocks as gifts at little to no cost.

The amount of stock you should transfer to your children will likely be influenced by the amount of tax you are willing to pay on the transfer. After $15,000 worth of transfers have been made annually, individuals will be forced to pay tax on additional transactions.

Gifting Stocks to Relatives

The most inexpensive way to transfer stocks is to grant them to your child as a gift. There are limits to this, however. You can give each child up to $15,000 a year without being tax. If you exceed this, though, never fear. You can also give each child $11.18 million throughout the life of your estate. However, you should be aware that any amount that exceeds $15,000 a year will take from the total tax exemptions your estate will have after your death, assuming your worth will be anything even close to $11.18 million.

Transferring a Stock Certificate

There are options as to how a stock can be transferred. If the stock is in certificate form, you’ll merely go to your child’s bank or your own brokerage and sign the stock in the presence of someone serving as a guarantor. Look on the back of the certificate to see if there is a form to complete in order to transfer the stock and check with the bank before filling it out.

Transferring an Electronic Certificate

Many of the stocks being issued these days are electronic in nature, which means there isn’t a piece of paper to sign and hand over. Instead, the transfer will be automated, which means taking your child's information to your broker, who will make sure the transfer goes smoothly.

Selling at a Lower Tax Bracket

One of the biggest benefits to gifting appreciated stock to children is that younger taxpayers often fall within a lower tax bracket. This means that the capital gains tax you would incur when you sold the stock can be passed along to your children, who likely pay less in taxes on it.

For 2018, couples who earn more than $479,000 will pay a 20 percent tax on any long-term gains. For short-term gains, couples making $400,000-$600,000 will pay a 35 percent capital gains tax or 37 percent once they exceed $600,000. At the same time, a single adult child making $38,600 or less will pay no long-term capital gains tax at all, but there will be a 12 percent short-term gains tax on a taxpayer making $9,525-$38,700.

If you were planning to shift some money your children’s way anyway, this can be a great way to take care of them while also avoiding a hefty tax.

Exploring Benefits of Leaving Stock Alone

Before you pass the tax to your children, look into the benefits of waiting until after you die. You can include it in your will among the assets passed onto your children. Of course, the biggest benefit to doing that is that for the rest of your life, any stock you hold will continue to appreciate.

After your death, any tax on the earnings is paid by the estate, which means the person you have in charge of distributing the assets will take any taxes out first. However, in some states, heirs pay a separate inheritance tax. Those states are: Iowa, Kentucky, Maryland, Nebraska, Pennsylvania and New Jersey. The $11.18 million estate tax exemption applies, but in states with an inheritance tax, the cap can be lower than the federal tax.

In New Jersey, for instance, taxes vary depending on the relationship of the recipient to the deceased, but for Class C estate transfers, the inheritance tax starts at 11 percent for $1.075 million and increase from there.

  • The Motley Fool: Your Guide to Capital Gains Taxes in 2018
  • State of New Jersey: Inheritance Tax
  • IRS: Transcript Delivery Service (TDS) Now Available for Estate Tax Accounts
  • Can You Give Stock as a Gift? Should You? | Charles Schwab
  • Forbes: Gifting Appreciated Stock To Family Members

Stephanie Faris has written about finance for entrepreneurs and marketing firms since 2013. She spent nearly a year as a ghostwriter for a credit card processing service and has ghostwritten about finance for numerous marketing firms and entrepreneurs. Her work has appeared on The Motley Fool, MoneyGeek, Ecommerce Insiders, GoBankingRates, and ThriveBy30.

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transfer ownership of stock portfolio

As the name suggests, inherited stock refers to stock an individual obtains through an inheritance , after the original holder of the equity passes away. The increase in value of the stock, from the time the decedent purchased it until their death, does not get taxed. Therefore, the beneficiaries of the stock will only be liable for income on capital gains earned during their own lifetimes; that income will be taxed at the long-term capital gains rate.

Key Takeaways

  • Inherited stocks are equities obtained by heirs of an inheritance after the original stockholder has passed. 
  • Any increase in value that occurs between the time the decedent bought the stock until they die, does not get taxed.
  • Inherited stock is not valued at its original cost basis, which refers to its initial value, at the time of its purchase.
  • When a beneficiary inherits a stock, its cost basis is stepped up to the value of the security at the date of inheritance.

Inherited stock, unlike gifted securities , is not valued at its original cost basis —a term used by tax accountants to describe the original value of an asset. When an individual inherits a stock, its cost basis is stepped up to the value of the security, at the date of the death.

The United States has taxed the transfer of wealth from a decedent's estate to their heirs since the passage of the 1916 Revenue Act, which complemented the existing income tax, in order to help finance America’s entry into World War One.

Proponents of this legislation argued that taxing estates can help raise much-needed revenue, while simultaneously discouraging the concentration of wealth among a small percentage of individuals. Opponents of the estate tax, who frequently refer to it as the "Death Tax," argue that it’s unfair to tax someone’s wealth after it has already been taxed as income.

The taxation of inherited stock is a highly-contentious element in the debate over the taxation of inheritances, but it's also part of the conversation about capital gain taxation methodologies. For practical purposes, governments only tax capital gains after the underlying asset has been sold.

This differs from income taxes, which must be paid annually. Proponents of the stepped-up basis exemption argue that capital gains should be taxed more lightly than income, in order to promote investment in the economy through increased consumer spending.

Inherited Stock and Estate Planning

Because heirs will not have to pay capital gains taxes on stock that are unsold at the time of a decedent's death, benefactors should resist the urge to sell off the equities they plan to bequeath to their heirs during their living years.

At the same time, heirs to stocks cannot claim a loss for losses incurred while the original owner was alive. Thus, if a decedent purchased a share of stock for $100, then the value plummeted to $25 by the date they passed, an heir's cost basis would be $25, and that $75 loss may not be used to offset gains with other investments.

Example of Inherited Stock

Consider a person who inherited 100 shares from a deceased relative. The cost basis of these shares is equal to their value on the day of the owner’s death. In other words, taxes will be based on this new cost basis, as opposed to the original cost. After providing a death certificate, proof of identity, probate court order, and others, the heir can either transfer the shares into their account or sell the shares for the proceeds. Ultimately, this has the potential to save significant sums of money due to the tax loophole.

How Do You Transfer Inherited Stock?

The executor of the estate will handle the necessary paperwork for stock transfers. They will fill out necessary stock transfer paperwork and then send it to the appropriate place.

How Do You Cash out Inherited Stock?

After the heir receives the stock into their account, they can sell the shares and transfer the proceeds to a bank account.

What Is the Cost Basis of Inherited Stock?

When an individual inherits a stock, its cost basis is stepped up to the value of the security, at the date of the inheritance.

Inherited stock refers to company shares that have been passed on from an investor to a beneficiary. In terms of taxes, the cost basis of inherited stock is the value at the time of the original owner's death, not the value when the stock was originally purchased. The person inheriting the stock only owes taxes on the change in stock price between when it was inherited and when it was sold. These taxes are charged at the long-term capital gains rate.

Correction—August 6, 2023: This article was edited to clarify that the income earned on inherited stock during a beneficiary's lifetime is taxed at the long-term capital gains rate.

FindLaw. " History and Overview of the Federal Estate Tax ."

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Americans' 'love affair' with the stock market is stronger than ever

  • US households and nonprofits have quadrupled equity allocations over the past 40 years to a near-record high of 41%.
  • Americans' "love affair" with stocks has pushed multiples up 20 percentage points relative to overseas markets. 
  • The bank added that the forces that drove Americans' love of stocks will fade in coming years. 

Insider Today

There's not a lot that can dent Americans' love for stocks it seems. 

According to JPMorgan strategists Jan Loeys and Alexander Wise, US households and non profits have steadily ramped up stock buying over the last four decades, with allocations to US equities hitting a near-record of 41% this year. That's a stark contrast with the rest of the world, and it is a factor that has helped the US stock market put up big growth numbers in that timeframe. 

"Together with superior earnings growth, this has propelled the US equity market to the strongest in the world over those decades to a point it is now 64% of world capitalization," the analysts wrote in a note published this week. 

What JPMorgan calls Americans' "love affair" with the stock market has pushed multiples up 20 percentage points compared to the rest of the world, contributing to half of the 5.1% annual outperformance of US equities since 1987, and creating the paradigm of "US Exceptionalism," they said. 

While a 41% allocation seems unremarkable relative to the classic 60/40 equity-bond allocation recommended by many financial advisors, it reflects a consistent growth pattern since US households' allocations to stocks hit a low of 10% in the early 1980s. That growth has exceeded many counterparts in other developed countries, according to the strategists. 

"Households in Japan, Germany, and France have not increased their equity allocations over the past 30-40 years, unlike their US counterparts. Japan and Germany households have only 13% and 16%, respectively, invested in stocks, with France at 26%."

The wealthiest 5% of US households poured even more cash into the stock market, allocating 57% of their investments to stocks, 8% to cash, and 23% to fixed income, primarily corporate and municipal bonds. Boiled down to stocks and bonds, these households had a 70/30 portfolio split at the end of 2018. 

JPMorgan noted that several factors have driven a strong "equity culture" in the US. The first is an acceptance among the public that equity returns are generally high, about 10.8% per annum, making investors likely to stick with the market rather than sell into a rally. 

"One possibility, contrary to how we all like to think of strategic asset allocation, is that end investors may not really have a strong view, or even a vague one, on how much they want to allocate to different asset classes and simply 'go with the flow'," Loeys and Wise said. 

The note added that other factors have contributed to the love of stocks, including investors' perception of lower risks to US equities compared to anywhere else, the popularity of investing books like Jeremy Siegel's "Stocks for the Long Run," and improved equity trading conditions fueled by the proliferation of funds that track different parts of the market. 

However, the love affair might not last forever. 

The analysts warned that investors could part ways with their stock holdings if they set future expectations too high or if a strong alternative to equities comes along, and they predict there will be less money flowing into equities in the next five years. 

Meanwhile, macroeconomic uncertainties and fiscal policies come into play. It's worth noting that an aging population suggests Americans should gradually shift from equities to holding more in cash and bonds over time, though the analysts say such a move isn't imminent. 

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The NFL is gearing up to change team ownership rules in what could be a massive win for Wall Street

  • Team owners will meet at the annual league meeting in March to discuss private equity.
  • The investment-ownership model is favored in the NBA, MLB, and NHL — but not in the NFL.
  • Here is what this could mean for Wall Street, sports fans, and investors.

Insider Today

NFL ownership is unique compared to other major-league sports. When you think of the NBA , the players spring to mind before the owners. But in the NFL , a team owner's face is often as familiar to fans as any player's.

Most owners have long histories with their teams, which are often family-owned and passed down from generation to generation.

But this narrative could change as the league inches closer to opening its doors to a slew of institutional investors, including private-equity firms , venture-capital funds , and potentially sovereign-wealth funds.

Why is the league considering this? Team valuations are skyrocketing, raising the bar to entry to anyone but the richest of the rich, including Silicon Valley billionaires and Wall Street tycoons .

In 2023, the average team was worth a record $5.1 billion, up by 14% from the year prior, according to Forbes . The Washington Commanders is a prime example of how team valuations have shot up — the billionaire Josh Harris bought the team for $6.05 billion in July.

"There are only a limited number of billionaires left who will check every box to be a lead owner," Mark Patricof , the founder of the investment firm Patricof Co and an operating executive at the private-equity firm Crestview, said. "Clearly, they're going to have to have a change in the threshold of what the lead owner has to put up to control the team."

The NFL has long encouraged the family-ownership model, but it appears that executives are starting to realize that skyrocketing valuations are making it harder for owners to keep these teams within their families. Changing the rules to allow more owners with passive interests to invest in teams could help NFL families benefit from rising team values without losing control.

"In 2026, 50% of the tax exemptions that are currently in place for estate taxes are expiring," Carrie Potter, a lecturer of sports management at Rice University and a sports-finance expert, said. "So when these teams are selling for $6 billion, the amount of estate tax that they're going to have to pay is incredibly high.'

Another reason the ownership rules may change is that there are no Black controlling owners in the NFL and fewer than 12 Black billionaires in the United States, Forbes data shows. Some teams have partial Black owners, including the Denver Broncos — whose partial owners include Mellody Hobson , Condoleezza Rice , and Lewis Hamilton , but they are not controlling owners.

Therefore, the burning topic of private equity will most likely spark conversation when executives from all 32 NFL teams gather at the annual league meeting in Orlando in a few weeks. Owners are expected to discuss what the model could look like, who could be affected, and how it could impact ownership diversity.

"I think the owners are going to be split," Kurt Rotthoff, a finance expert and professor of economics at Seton Hall University, told BI. "I think they'll be torn because of the legacy aspects that you can build by having the family or individuals or a small group of people own the team for long periods of time."

So, what could a rule change mean for institutional investors, their Wall Street brokers, owners, and sports fans? To better understand this, BI spoke to leading sports-finance professionals, including Patricof, an investment banker who has advised Dwyane Wade and Venus Williams , and three sports-finance professors from leading institutions.

Here are their thoughts.

The NFL team owners

Gil Fried, a professor at the University of West Florida and the author of " Managing Sports Facilities " and " Sport Finance ," said he thinks the owners will be the winners of any rule change because it will allow them to cash in on their investment at a high premium while potentially still maintaining a majority stake in their teams.

Opening the door to people "who aren't shy when it comes to dropping a billion dollars for part ownership of minority ownership in a team is going to be a godsend for current owners," he said.

Experts also think NFL team owners' "wealth would increase drastically," Rotthoff said — due to the considerable profits they've already made from team valuations in the past decade.

Wall Street

Wall Street will come out on top because it is made up of companies that stand to earn big fees managing these investments and acting as brokers for buyers and sellers .

Experts think the NFL won't go as far as allowing sovereign-wealth funds, or funds controlled by foreign governments, to invest in sports teams. But, they think the NFL will allow teams to sell small, passive stakes to a wide variety of other types of institutional investors, including private-equity and venture-capital firms, both of which tend to raise money from wealthy people to invest in an array of assets, whether startups, real-estate , or sports teams.

Wall Street investment banks could also benefit in their role as advisors to wealthy investors and sports teams, including helping connect buyers with sellers. Just last year, Goldman Sachs launched a new Sports Franchise Group within its investment-banking team to help connect wealthy people with opportunities to invest in teams, stadiums, and other sports assets, the Wall Street Journal reported.

Investors are less likely to be winners from the NFL rules changes.

Experts believe as soon as the rules change, there could be an initial boost in team valuations as investors scramble to get a piece of the pie. But new investors may find themselves disappointed in the long term, Rotthoff said.

"I think Wall Street would see the initial honeymoon bump in terms of investors trying to jump in," he said. He compared it to much-anticipated IPOs , which can result in a stock popping on its first day of trading only to decline after the hype fades.

"It's a very risky long-term return," he said. "As more people try to own more of these teams, it would diminish the average expected return over time."

Sports Fans

Experts think sports fans stand to lose in the long run, even if they benefit from owners having more money to invest in their teams in the short term.

Opening the door to new investment will mean a sudden influx of cash that owners could put toward some much-needed upgrades, Potter said. "A lot of the NFL facilities are aged and have a lot of upgrades that need to happen or perhaps new stadiums to be built."

But it could also mean rising costs, especially as "smart money investors" — such as institutional investors, hedge funds, or private-equity firms — start demanding a return on their investment, Fried said.

"That's their whole purpose," Fried said. "They want to have a strong rate of return. The only way to get that is by finding a new revenue stream." That could mean increased concession or ticket prices, he added. And it could mean average fans "get priced out of being able to actually go to games".

Experts also believe that sports fans may lose passion if they feel like the corporation is putting on a show.

Fans may "feel like losers," Rotthoff said. This feeling may be because fans are used to having a "particular person that they perceive as being invested in their team and their local community to a private-equity group who is probably less invested in the local areas," he said.

Contact this reporter to share your experience. Tiara White can be reached via email at [email protected] or SMS/ the encrypted app Signal at (917) 275-7823 .

transfer ownership of stock portfolio

Watch: 5 things about the NFL that football fans may not know

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