Question

Sale of inherited stock

Forum|Forum|5 years ago
March 12, 2021
3 replies
0 views

I sold some inherited stock last year and the 1099-b shows the wrong basis. I selected "the cost basis on my statement is incorrect" and entered the corrected cost basis. However, there is nowhere I can find to indicate that this was inherited stock. Other postings have indicated an inherited stock check box. Where is it?

H

HelenC12

As you enter your 1099-B form manually, on the Now, we'll enter one sale on your XXX 1099-B screen, enter the requested information and in the How did you receive this investment? box, select I inherited it.

The cost basis of inherited stock is generally the market price of the stock on the date that the benefactor died.

In rare cases, the executor of the estate will make a special election to treat the stock differently. Check with the executor to be sure.

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J

joe3431Author

My sale was already loaded with my 1099-b. There is no way to get to the screen you showed when I edit the sale.

S

steve l d

One way of looking up the value on the day of death FMV

go to MarketWatch (free version) and select the ? at the top, enter the symbol and continue until you have pulled up the page for the stock.

Scroll down until you see a series of tabs. Select "Historical Quotes"

Enter the date as start and end -- or a small range.

K

KimEWaters

So glad I found this feed. I couldn’t figure out why I owed so much and then remembered I only would owe from when my mom passed on 1/18/22 until 5/4/22 when I sold her stocks and invested the money in mutual funds. The “Stocks” app on my iPhone helped me find the price of all 4 stocks the day she passed. I was having a hard time otherwise finding them for that exact date. I will plug this all in tomorrow and thankful I don’t have to hire a tax person for 4 stupid stocks! I’m sure the government would have been glad to take several hundreds more from me!

fanfare

Employee

inherited stock is always Long Term so be sure your Box category is D, E, or F as appropriate

@KimEWaters

K

KimEWaters

@fanfare is this what you mean? (I just added a Redacted image.).

IRS BOX
2022 FORM 1099-B - PROCEEDS FROM BROKER AND BARTER EXCHANGE TRANSACTIONS

It’s 1d. Proceeds and 1e. Cost or other bases of covered securities.