How to Enter a Captial Loss from an Inherited Bond

Forum|Forum|3 years ago
April 16, 2023
1 reply
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I have a loss from an inherited Lehmann Brothers Bond that I've not yet made use of. I 'd like to know how to enter this loss in TurboTax.

JosephS1

If you have cashed in the bond, your cost basis will be the fair market value and the date of acquisition will be the date of death. You would enter the amount you received as sales proceeds and the fair market value as of the date of death as the cost basis.

If you have not cashed out the bond there is no entry to be made other than researching the market value of the bond as of the date of death. Lehmann Bros should be able to at least give you a ballpark amount as to the value on a certain date.

@rick608

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