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February 14, 2024
Question

Inherited Stock acquired date

  • February 14, 2024
  • 1 reply
  • 0 views

I received my 1099-B and imported it to Turbotax.  All sales in it were inherited stock sales and the financial institution reported date of death as acquired date.  Once imported appropriately reported the sales as long term due to inheritance even though I sold the shares a few months later. 

 

Question (1):  Should I edit date acquired to Inherited or simply leave it alone? 

It appears I can do so in the Capital Assets Sales worksheet.  I tried to due this with bulk edit but it wouldn't accept the text.  

 

Question (2):  If I should update date acquired for the 19 sales to Inherited, what's the best way to do this?

    1 reply

    February 14, 2024

    I wouldn't recommend changing the Date Acquired reported on your 1099-B, since the Date of Death is the correct date.   

     

    Since they are inherited stocks, they are appropriately designated long-term.

     

    Since your stock sales were reported correctly, there's no reason to change anything.

     

    Here's more info on Selling Stock and Taxes.