He won't have to pay for his gains. He will just transfer it out of his account and it will be picked up by the other broker at the price he paid for it. I do this all the time when I transfer to my kids.
Only one catch. If you are first in first out? Last in last out? Is set when you open your brokerage account. He may have bought his first shares very cheap. I don't know if you can state on the transfer what shares you wnat to transfer and at what price. Because my broaker does not ask for that. But my accountant told me that my kids would have to use the price at the time of transfer and that may be the day of transfer. But I did not have to report anything. I just kept a copy for my records.
Yup....I hear ya....but as long as the house controls the $, I think I'll be ok....I'll try and get him to pay in Hemi shares for any capital gains if I can get him to hold for a year I'll offer him fair a conversion rate on profit .85 if he becomes a flipper that rate conversion becomes .5 straight.
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