Question

1099-B deceased father removed from joint tenancy

Forum|Forum|3 years ago
April 1, 2023
1 reply
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My mom received a 1099-B I am assuming for the removal of my father from the joint tenancy stock account.

Not all the boxes are filled in. it looks like 1c 1d and box 4 and that's it. How do I deal with this? Any advice gratefully accepted. The sale total is $0

TIA

aW

JohnB5677

Since your Dad passed, this will be an inheritance to your Mom.

Post the 1099-B exactly as it is shown.
Once completely posted you will correct the Cost Basis.
There is a check box at the bottom of the screen. The cost basis is incorrect or missing on my 1099‑B
When you [Continue]
Let us know if any of these situations apply to this sale - None of the above - [Continue]
We noticed there's an issue with your cost basis...Let us know if you'd like to make any changes
- I know my cost basis and need to make an adjustment.
- Enter the exact amount as the proceeds.
Did you acquire this investment more than a year before you sold it? - yes (Inheritance is always Long Term)

To post the 1099-B, start at Federal
Wages and Income
Scroll to Investments & Savings
Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) [Start or Revisit]
Did you have investment income in 2022? - Yes
Get ready to be impressed Continue
You can enter your information to import the details
—----------- OR —------------------------
Select Enter a different way.
Choose the Box Stocks, Bonds, Mutual Funds Continue
Follow the interview to post your information.

As you enter the dates and proceeds, there is a check box for The cost basis is incorrect or missing on my 1099‑B
Use this option to correct any errors on a cost basis.

Reminder: When you're in TurboTax, and you're not sure of something, select the (?) next to the topic for more information.

If this does not completely answer your question, please contact us again and provide some additional details.

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I

IamAW123Author

Thank you so much for the detailed reply. I realized today this was a sale my mom.ade to actually sell some of the stock.....she purchased a car.....so I think if I follow your method it will still apply...it was a long-term gain eventually as they/she had the stock for years.