vmartinv
commented
2 months ago I think it would be an useful feature to support. Although I believe you need to handle both sending and receiving the shares, it's likely both people will be using the tool.
- Sending should be easy to implement as it just reduces the 104, although more careful consideration might be needed when the other rules come into scope. It might be helpful to report the value of the gift too for the reason below.
- Receiving is harder to implement, because the giftee needs to somehow input the value of the shares when they were first owned by the gifter.
I don't have transaction of these sorts so any help for implementing this would be appreciated.
Is there a consideration to support gifts to spouse as a separate action?
I guess standard gifts are equivalent to selling shares. But giving to a spouse, despite not having tax implications, reduces Section 104. I don't see how to input that transaction at least as a raw input.
Skipping that transaction would lead to incorrect results causing this application cannot be used in such scenarios.