Get your taxes done using TurboTax

Per IRS Publication 551 page 10, the basis of property inherited from a decedent is one of the following.

1. The FMV of the property at the date of the individual's death.
2. The FMV on the alternate valuation date if the personal representative for the estate chooses to use alternate valuation. 
3. The value under the special-use valuation method for real property used in farming or a closely held business if chosen for estate tax purposes. 
4. The decedent's adjusted basis in land to the extent of the value excluded from the decedent's taxable estate as a qualified conservation easement.

You will be able to amend your 2022 Federal 1040 tax return after your tax return has been accepted by the IRS.

If you used TurboTax Online, log in to your account and select Amend a return that was filed and accepted.

If you used the CD/download product, sign back into your return and select Amend a filed return. 

The stock sale basis may be entered by following these steps:

1. Open or continue your return.
2. Select Federal down the left side of the screen.
3. Select Wages & Income down the left side of the screen.
4. Select Show more to the right of Investments and Savings.
5. Select Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
6. Select the entry to be corrected.  Click Edit.
7. At the screen Review, click the pencil to the right of the line to be corrected.
8. Enter the correct cost basis in Box 1e Cost or other basis.

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