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MountainMantologist t1_jacz0zh wrote

>-Are there any taxes I should be aware of or plan for?

I'm not a lawyer or CPA but your cost basis in the stocks should be set on the day your family member passed away. So just look up the stock price of your different holdings on that day and that'll tell you whether you have any appreciation on which to pay taxes when you sell.

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avalpert t1_jadok7e wrote

>So just look up the stock price of your different holdings on that day

For publicly traded stock, you actually use the average of the high and low for the day of death - not the open/close or randomly chosen price that day.

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Fish-Weekly t1_jad90zd wrote

Yes, this is key - you get a “stepped up basis” which will greatly reduce any capital gains taxes if you want to sell and invest in something else.

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