SusanY1
Expert Alumni

Investors & landlords

You can safely use the date shown on your 1099-B.  "Inherited" is used for the "acquired" date field, primarily when the sale would otherwise be short-term.  "Inherited" in this field tells the program and the IRS that the holding period is long-term when the calculation by date alone wouldn't give a long-term "answer". 

After the first year, many brokerage firms replace "inherited" with the date being used to determine the basis.  

Since the securities are shown as covered then you shouldn't adjust the number in the basis box.  Instead, leave the imported data in the basis box so it matches the IRS database and then enter the correct basis after checking the box "the cost basis is incorrect or missing on my 1099-B".  

 

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