The basis of inherited stock is generally the fair market value of the stock on the date of the original owner’s death, known as a stepped-up basis. If the stock is not publicly traded, you would need to contact the issuing company and request a valuation on that date.
It's important to record the initial value for your shares to avoid basis issues that might create a tax liability.
When you run your Final Review in TurboTax, the program will let you know if you are missing entries. However, you are not required to make an entry for Form 7203 Part I Line 1 (Stock basis at the beginning of the year). The form calculations will simply start from zero.
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