Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 27, 2021 10:48:08 AM

How do you complete cost basis calculations if you don't have the information from a deceased family member

0 2 534
2 Replies
Level 15
Jun 27, 2021 11:02:05 AM

If you inherited the stock then the basis is the market value as of the date of death which is easily found on the web.  

Level 15
Jun 27, 2021 11:05:07 AM

You need to post more details. Are you preparing the return for the deceased family member or yourself as donee or legatee (i.e., for property you were gifted or inherited).

 

Did you inherit (or otherwise acquire) property from the deceased family member, was the property gifted (in whole or in part) to you, et al?

 

Property acquired from a decedent is generally stepped up to its fair market value on the date of death of the decedent.