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What acquisition date and cost basis should I use?

Forum|Forum|6 years ago
June 6, 2019
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My husband and I purchased stock in 2002 & kept certificates in a safe deposit box. My husband died in 2015 and I put the stock in an E*trade account. I sold the stock & my 1099-B from E*trade shows the date acquired as 03/06/15 (the date my husband died) & their cost basis is based on that date. Do I use the info on the 1099-B or do I change it to the date in 2002?

TurboTax Premier Windows

Best answer by KrisD15

If this sale resulted in a gain, your basis will be a hybrid of both costs. First, since you owned half of the original purchase, take half the original purchase price you paid in 2002. Next, take the value of half the stock when you inherited your husband's half in 2015. This total is your basis. (half valued at 2002 half valued at 2015)

Use 2002 as the date acquired.

KrisD15Answer

If this sale resulted in a gain, your basis will be a hybrid of both costs. First, since you owned half of the original purchase, take half the original purchase price you paid in 2002. Next, take the value of half the stock when you inherited your husband's half in 2015. This total is your basis. (half valued at 2002 half valued at 2015)

Use 2002 as the date acquired.

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