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Sale of inherited stock reported as short term on 1099-B
I received a 1099-B for the sale of stock that I inherited. On the 1099-B it is reported as a short-term transaction (Box A checked). Based on when I acquired the stock and sold it that would be correct, but my understanding is that inherited stock should be considered long-term.
In TurboTax, if I leave the “Sales section” as “Short-term basis reported to IRS (covered)” (it does say this should match my 1099-B exactly), and select “I inherited it” from “How did you receive this investment?”, TurboTax still seems to be treating this as a short-term holding. I can change the “Sales section” to long-term and that changes the tax burden. But then this won’t be consistent with what was reported on my 1099-B. I had hoped that TurboTax would do the right thing since I indicated that I inherited the stock.
What should I do?
Thanks in advance!