I'm inheriting a stock portfolio from one of my relatives as a graduation gift that he's been contributing to since my early years as a homo sapien, and I'm wondering what the tax implications are for cashing out the stocks. As far as I'm aware, the portfolio took a LARGE hit due to the financial crisis and is worth roughly half of the total, original cash investments that went in to purchase the stocks. So, no capital gains were made. Does that mean I can sell all the shares without being taxed on it? Would I still be taxed because it counts as income? I was never the one to contribute to the portfolio, so I don't know how my inheriting it would be considered as. Would I have to report it to next year's tax forms? Thanks!