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Hi, I am going to get my SS at 70 next month. That increases my tax because my RMD is also due now. Can I transfer my SS benefits as assets to my adult child and not pay tax on it?

Just now I got this reply from TaxAct. "If the brokerage is tracking the cost basis, you can enter the amount of the distribution as the cost basis. This will indicate to the program that there is no capital gain to report on the distribution."

I tried two things. First I entered the cost basis 0 and checked what happens. My capital gains got increased. Next I entered the cost basis from Vanguard site. My capital gains remained the same and the cost basis does not show up anywhere. So your interpretation seems to be correct. One more...

Thanks everyone...TaxAct people say that I have to enter in Box 3 what I see in 1099-DIV. But the Vanguard people are not very helpful in telling me how to find out the cost basis. I will see if I can figure out the cost basis following what dvalley wrote here and I will enter it.

I have exactly the same question dvalley had. So can I just not report the amount on Taxact form? Could dvalley let me know what you finally did? Thanks.