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Stocks were received as inheritance of which some were sold. Is the proceeds from the sale taxable?
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June 4, 2019
2:07 PM
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Investors & landlords
Yes, the proceeds of the inherited stock is taxable.
However, you are entitled to an adjusted cost basis to the date of the decedent's death. You will provide the original date of purchase, but adjust the cost to reduce your capital gains.
Here is a tool to determine the cost basis: Historical Stock Prices
June 4, 2019
2:07 PM