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Get your taxes done using TurboTax
It sounds like you know the value of the stock at the time of your gift, which is good as that is your basis in the stock. You enter it in Schedule D just like any other stock sale. Turbotax should walk you through it via the Stocks, Bonds, etc item in the Wages and Income section. When you click Add More Sales, you will be asked if you got a form for the sale, click "No" and then you will be guided through the entry. Per the info in this part of Turbotax, your gain is always considered long term and you should put "inherited" as your date of acquisition.
‎April 6, 2021
1:29 PM