Dad died in 2017 & we sold his stocks afterwards The 1099B shows the date acquired and cost as of the original date Do I show the acquired date & cost at time of death?

[carbo71]

For tax purposes, do I just show the acquired date as the date of death along with the value of the stock on that day?  What about this information not matching the broker’s information.  Does this cause any problems with the IRS?

[MichaelL1 · Accepted solution]

You will enter this in TurboTax with the date acquired as the date of death, and the cost basis as the Fair Market value at Date of Death.

You will also show in TurboTax that this was inherited, so I would suggest just manually entering all of this, and keep the 1099B with the tax records.

IRS should be fine with this, however, if they do check this then you would have to provide proof of death and that it was inherited, and then the audit would result in no tax change.

To enter your Investments sold

Click on Federal Taxes

Click on Wages and Income

Click on I'll choose what I work on

Scroll down to Investments

On Stocks, Bonds, Other, click the start or update button