WCI #86: Legacy Holdings in Taxable Account
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.8 • 2.4K Ratings
🗓️ 27 December 2018
⏱️ 37 minutes
🧾️ Download transcript
Summary
A listener emailed me who is lucky enough to get a generous gift every year from their grandparents of $14,000 in stocks. The stock is all from a single company that her grandfather worked for decades ago. Because he bought it early in the companies history it's basis is $0, meaning that they are on the hook for capital gains tax for anything they sell it for. The stock does relatively well and pays out good dividends. However, they don't love the risk of owning so much in one stock. He wanted to know what I thought they should do. Is the risk of keeping the stock outweighed by the tax penalty of selling the stock? Is there a way to convert this stock to a safer index fund without having to pay the capital gains tax? We are not all so fortunate to have relatives that gift us so much in stocks but it is still a question that I get every now and then so I wanted to address what to do with individual stocks in your taxable account, the pros and cons of selling them vs keeping them as a legacy holding in your portfolio.
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Transcript
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| 0:00.0 | This is the White Coat Investor Podcast, where we help those who wear the white coat get a fair shake on Wall Street. |
| 0:06.0 | We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011. |
| 0:12.0 | Here's your host, Dr. Jim Dolly. |
| 0:14.0 | Welcome to Whitecoat |
| 0:20.0 | to Whitecoat Investor, Podcast Number 86. |
| 0:23.0 | We're going to talk about legacy holdings in a taxable account today. |
| 0:27.0 | If you're looking to boost returns, lower taxes, and build wealth, |
| 0:30.4 | join the WCI monthly real estate opportunities list for tips and strategies to maximize your real estate returns and for introductions to exclusive investment opportunities. |
| 0:40.0 | Expect educational emails that introduce you to syndicators, |
| 0:42.8 | fund companies, online courses, and online real estate platforms. |
| 0:46.7 | Go to whitecode investor.com slash RE opportunities to sign up today. |
| 0:51.7 | You can do this and the white code investor can help. Thanks for what you do. I know you're |
| 0:56.1 | on your way into work, your way home from work, maybe working out. Not sure exactly, but chances are you're |
| 1:01.2 | not just sitting around on your couch listen to this |
| 1:03.4 | podcast. Most people listen to it while they're doing something else and you know |
| 1:08.0 | maybe you had a hard day at work today. I know I've had them and I want you to |
| 1:11.9 | know that I appreciate what you're doing and whether your patients tell you or not, when they really think about it, they appreciate what you're doing to. |
| 1:18.0 | Our quote of the day today comes from Marissa Meyer. She said, I always did something I was a little not ready to do. |
| 1:25.0 | I think that's how you grow and there's that moment of, wow, |
| 1:27.5 | I'm not really sure I can do this. |
| 1:29.6 | And you push through those moments, that's when you have a breakthrough. I think that's some good |
| 1:33.4 | advice especially for entrepreneurs out there. I want to make sure you know about the |
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