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Deductions & credits
Thank you for this answer. I had a situation where I gave away stock inherited less than a year, and entering Various as the date inherited was the key to getting it to give me the fair market value as a deduction.
Note for anyone else who sees this -- when it asks you if you have owned the stock for more than 1 year, you have to say "Yes", even if you inherited it less than a year ago. All inherited property is long-term regardless of when inherited.
Turbotax I know this probably doesn't affect very many of your users, but it sure threw me for a loop, it sure would be nice to handle this use case better in the interview.
‎April 9, 2021
10:55 PM
2,509 Views