FMV is the agreed-upon price between a willing buyer and seller, both of whom are reasonably knowledgeable about the property in question. Since your Dad passed in 2021, and these items were sold in a timely manner in 2021 it is reasonable to conclude that everything sold at fair market value.
Therefore, I suggest that you make one entry for the 1099-K that reflects a transaction like a stock sale.
- It would be a noncovered Short term sale.
- The date acquired is the date of your Dad's passing
- The date of sale is "Various" or the date the last transaction took place.
- The value for cost basis is the same as on the 1099-K
- The proceeds are also the same as listed on the 1099-K
This will correctly exclude this income from tax as an inheritance should be.
- Scroll to Investments and Savings
- Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
- Time to kick off your investments! = Okay
- Relax. We got it.= Continue
- Let's import your tax info = Enter a different way
- Select what you want to post from the 5 boxes.
- Other = Continue
- Continue through the interview
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