Absolutely, the IRS gets a copy and without you reporting the circumstances, all they see is the gain. Here is information on where to enter the sale of stock: To enter an investment sale from a brokerage account (1099-B), follow the steps below.Click on Federal Taxes Click on Wages and IncomeClick on I'll choose what I work onUnder Investment IncomeOn Stocks, Mutual Funds, Bonds, Other, click the start or update buttonWhen asked how you got the stock, there is a place to indicate that it was inherited.

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fb4514

Question

I sold stock shares from an inheritance at the value inherited, ie no gain. I received 1099B, do they need to be reported since inherited? If so, how?

Forum|Forum|3 years ago
February 19, 2023
2 replies
0 views

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TurboTax Deluxe Online

leeloo

Absolutely, the IRS gets a copy and without you reporting the circumstances, all they see is the gain.

Here is information on where to enter the sale of stock:

To enter an investment sale from a brokerage account (1099-B), follow the steps below.

Click on Federal Taxes
Click on Wages and Income
Click on I'll choose what I work on
Under Investment Income
On Stocks, Mutual Funds, Bonds, Other, click the start or update button

When asked how you got the stock, there is a place to indicate that it was inherited.

fb4514Author

Thank you for this response, very thorough and easy steps to follow...I am now awaiting the ability to amned my 2022 already submitted return.

Mike9241

it's under investment income - sale of stocks. for date acquired type inherited. failure to report the sale and tax basis and the IRS assumes your tax basis is zero which results in a bill. then you have to file an amended return or respond as directed in the iRS notice