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Get your taxes done using TurboTax
Just verifying, in addition to entering the word 'inherited' for date, I also changed the cost basis to the value on the actual date of death. On the subsequent screen, I also re-entered the same amount. Nowhere does it ask to have the actual date used. There is just an assumption on the part of TurboTax and the IRS that the amount I entered is correct for a date they know nothing about? I have tons of these to enter because I did an import and even partial shares are listed (they must be re-invested dividends).
May 5, 2021
11:59 AM