gift. Saturday , November 25th , 2017 - 13:16:24 PM
Here's where people lose thousands of dollars. If someone gives you an asset, you 'inherit' the giver's cost basis in that asset. So if mom gives you $10,000 of stock that she's owned for years, you inherit her cost basis and are responsible for paying the capital gains tax on it when you sell it. If she only paid $1,000 for that stock and you sell it for $10,000 then you will owe taxes on the $9,000 gain.
Heirloom gifts are kept and passed down from generation to generation. These are traditionally baby rattles or mugs. They are often personalized with the baby's name and date of birth.
A drawstring bag, an umbrella, a scarf, a blanket... these are all everyday items that people use regularly and generally cannot get enough of. Make these everyday items beautiful and they will be much more appreciated as a business that is more of the same. While a less practical item like an ornate vase may seem like a more standout gift, it is more likely to sit forgotten at the back of a cupboard.
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