DaveF1006
Expert Alumni

Investors & landlords

No, you will need to report each sale individually as a gifted stock in Turbo Tax online. I tried to see if this option was an option for summary sales but it wasn't. The option never appeared in the summary section nor in the desktop version.

 

You can still summarize these transactions in both versions of the TT product instead of reporting them individually. The cost basis of the gifted stock is determine by the lower of  the giver's original cost basis or the fair market value (FMV) of the stock at the time you received the gift.

 

Tax treatment of the gifted stock is not treated any differently than other stock sales as long as the right basis is determined.

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