Solved

LONG TERM GAINS OR LOSSES OF STOCKS & MF SOLD WITH NO COST BASIS

Forum|Forum|6 years ago
February 25, 2020
2 replies
0 views

I INHERITED SOME STOCKS AND MUTUAL FUNDS LAST YEAR.

THEY WERE ALL PURCHASED IN 2007, 2019 AND AT VARIOUS TIMES.

I HAVE THE NET PROCEEDS BUT NOT THE COST.

THERE ARE 23 DIFFERENT ITEMS. THE ITEMS CAME FROM A TRUST.

I DO NOT KNOW HOW MANY SHARES WERE PURCHASED AND WHEN ON 5 ITEMS.

I DON'T KNOW IF THERE IS A SITE THAT CAN GIVE ME THE HISTORICAL INFO. ON THE COST OF THOSE I DO KNOW THE PURCHASE DATE OR AT LEAST WHAT IS DOCUMENTED ON THE 1099-B.

WHAT DO I REPORT TO THE IRS?

Best answer by HelenC12

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

Check the historical section at Marketwatch or Nasdaq. It's generally acceptable to take the lowest and highest price from a given day and average them to arrive at a cost.

These free services may not include events that affect basis, such as reinvested dividends, spin-offs, and stock splits.

Go directly to the source

Many companies have an investor relations section on their website which contains historical stock data. You can also call the company's shareholder services department for help.

Source: TurboTax FAQ

macuser_22

Employee

Inherited securities take on the fair market value (cost basis) at the time of death of the owner. Usually the security closing value on the date of death.

Gifted securities retain the owners cost basis.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

H