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From Whom did you get the stock ? A relative ?
stock acquired by gift.
If the FMV on the date of the gift was more the original cost basis, use the original cost basis when you sell.
If the FMV on the date of the gift was less than the original basis, and you later sold the stock for
1) More than the original basis, use the original basis.
2) More than the FMV but less than the original cost basis, your selling price becomes the cost basis. You won't report a gain or loss in this situation.
3) Less than the FMV at the time of the gift, use the FMV at the time of the gift.
If, in fact, the cost basis needs to be corrected, then ensure that you check the appropriate box and enter the adjusted basis (see screenshot).
How did the stock get into your account.?
If the broker has reported a basis (covered shares) then you must have given them a basis number earlier for them to record.
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