Purchase Of Stock

[Unregistered]

i AM PURCHASING STOCK FROM MY SISTER IN A LOCAL BANK.
FOR 65,000.00.

WILL THERE BE ANY REPORTING REQUIREMENTS FOR ME ( DO I NEED
TO SEND HER A 1099 OR MAYBE JUST RETAIN THE CHECK FOR MY
RECORDS WHEN I DECIDE TO SELL IT.??/

THANKS

[Bees Knees]

You are not required to report anything when purchasing stock. Possibly, if the transaction is handled through a brokerage company, they would have to issue your sister a 1099-B. You would also need to save the cancelled check for proof of your cost basis if and when you later decide to sell the stock.