Turbo Tax treats an inherited stock as an Item donation and asks for the "Purchase Price". Since I didn't purchase the stock, is my cost basis $0 or is it the value at the time I received it? If the later, then it appears this cost basis is same as if I had purchased it, in which case why does it go thru this Item series of questions?
Follow-up question:
In the case of an inherited stock, why does Turbo tax reject a simple Stock Donation with cost basis at time of inheritance, and instead redirect to "Donated Items", Stocks, and then run through similar questions? If purchase value is the same either way, seems that either way has the same tax consequence. See attachment.
