I know what I need to do for tax purposes. I do not know how to do the accounting. I would like a report of all gifts made (FMV per asset per person) implies need to record gifts somehow. I would like a report of all gifts made (basis price per asset per person) implies need to record basis somehow. I see no need to record UnrealizedGains (unless needed to balance the books).
I will leave original Equity:Opening balances alone and add Equity:adjustment transactions (if needed). On Sun, May 22, 2022 at 3:30 PM Michael or Penny Novack < stepbystepf...@comcast.net> wrote: > > > 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? > > Consult your tax advisor. Because you mention gift tax, I assume this is > something above the amount that does not have to be reported. > > But I see something that should be discussed (as a general matter) > > "Do I need to adjust Equity:Opening Balances? > > SOME of us follow the rule of never changing an existing transaction, If > adjustments need to be made, they are made with another transaction. So > yes, if you do it THAT way (with a "journal transaction" directly to > equity, not via an "expense") you would simply use an equity account > (named "adjustments" ?) as opposed to touching "starting equity". Mind, > some of us also don't have this special "starting equity". We open books > with a transaction. > > Michael D Novack > > > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
