I withdrew inheritance income that was invested into shares (info on form 1099-B). Each short/long term transaction says "Report on Form 8949 Part 1/2" how do I report?

Forum|Forum|11 months ago
April 17, 2025
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Since this $ was from an inheritance, is it still taxable after withdrawn?

SharonD007

Yes, the profits are taxable. Your 1099-B - Proceeds from Broker Transactions are reported in the Investments & Savings Section of Income & Expenses.

Review the TurboTax article Where do I enter or import a 1099-B? for navigation instructions.

Because your stock was inherited, the cost basis is the fair market value of the shares at the time of the original owner's death, not when the original owner purchased it.

If you need help finding the cost basis, refer to the TurboTax article

How do I find a stock's cost basis?

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