I need to determine the cost basis on stock I inherited from my parents. My brokerage firm is telling me only 50% of the assets I received from my mom can be stepped up to her date of death.
I need to find documentation proving them wrong or right. The IRS website is of no help and no one answers their phone.
I did a joint tax return for my parents 2018 and filed a schedule K-1 for the ordinary dividends my mom’s estate earned in 2019.
The tax return in question would be my 2019 federal and state. Sold some stock in 2019. If the cost basis gets stepped up to my mom’s date of death, I break even or take a small loss. If I can only step up 50%, I would have a substantial gain.
Im aware of IRS publication 555 is for common property states.
What I need is the IRS publication for NY as an equitable distribution state.
Thanks for your time and help.
