With close to 30 years as a broker, my experience has been that the brokerage firm is not always right and will fall back on “ consult your accountant or tax preparer.”
Spoke with an IRS agent who confirmed 551 starting on page 9, “FMV of the property at the date of the individual’s death”. That applies 100% of the inherited assets and not 50% of the inherited assets.
All I needed was the publication number to support my case.
Already contacted my brokerage firm’s back office and they are correcting my cost basis.
Mission accomplished.
Thanks and have a good weekend.
