Yes, Turbotax handles step-up basis of inherited stocks.
When you sell stocks, bonds, mutual funds, or other securities, you should get Form 1099-B from your brokerage by mid-February. Simply enter the form in TurboTax to report the sale.
But what about nonsecurity investment sales like coins, collectibles, timber, land, or a second home? Here's how you enter those:
- Open (continue) your return in TurboTax.
- In the search box, search for investment sales then select the Jump to link in the search results.
- Answer Yes to the question Did you sell any of these investments in 2023? (or Okay! to Time to kick off your investments!).
- If you land on the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.
- Follow the on-screen instructions to either import your investment sale info or enter it in your return yourself.
Related Information:
The step-up in basis provision adjusts the value, or “cost basis,” of an inherited asset (stocks, bonds, real estate, etc.) when it is passed on, after death. This often reduces the capital gains tax owed by the recipient.
Cost Basis of Stocks
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