capital gains tax on gift of US stock

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Barlow
Posts: 5
Joined: Sat Feb 04, 2023 2:55 pm

capital gains tax on gift of US stock

Post by Barlow »

A US resident family member wants to gift me and my spouse some US stock that has gone up significantly in value. My spouse and I are CDN resident citizens. I am a US person; my spouse is not. What tax issues should I be aware of (esp. regarding capital gains), both at the time of the gift and when I or my spouse eventually sell some of this stock? Will I potentially owe the IRS capital gains tax on the donor's gains when I sell? What about my spouse?
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