Hello,
I inherited stock in 2019. I sold it this year at a total loss of about $4,000 so far (I haven't finished entering). To my surprise, this didn't affect my tax refund. (I had already entered other sales with losses) I would think that anything reflecting a gain or loss on the stepped up value of this stock would be taxable (if gain) or taken as a loss. I tried making one entry a large gain, and it wasn't taxable either. This just doesn't seem right. Should I change the criteria from inherited to I purchased it so that the gains and losses show up?
On my 1099-B, the two items in question show as the basis is not reported to the IRS (Box E is checked). Does not reported make any difference in the refund?
Oh... I just thought of this: Is one possible reason my refund amount didn't change is because I've met the loss threshold for this year and I need to carryover?
Thanks
