I turned 24 this year, and my Mom and Dad are thinking of giving me stock that they have owned for over 1 year to pay for my college expenses. The basis of the stock is under $28k ($14k from each of them), so they should not have to pay any gift taxes, correct?
The current value of the stock is about $86k, and I also have earned income of approx $24k. How much tax can I expect to owe on my total income of $24k (earned) + $58k (CapGains) if I sell all the stock before 12/31?
My tax filing status is Single.