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bender_1227
Level 2

How do I enter capital gains from stock that was given to me from an estate. I am only responsible for the gains from the date of their death.

 
5 Replies
AlanT222
Expert Alumni

How do I enter capital gains from stock that was given to me from an estate. I am only responsible for the gains from the date of their death.

Use these instructions to enter 1099 B.  Remember you only report the capital gains after you sell the stock and the basis will be the value of the stock on the date of their death.  

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NCperson
Level 15

How do I enter capital gains from stock that was given to me from an estate. I am only responsible for the gains from the date of their death.

and remember, even if you sold within a year of the death of the person you inherited from, it is LONG TERM GAIN.  It is NEVER short term gain. 

LudwigVan_fan
Level 7

How do I enter capital gains from stock that was given to me from an estate. I am only responsible for the gains from the date of their death.

To calculate the FMV of the stock on date of death, it is the average of the highest and lowest selling price of the stock on that date.  If the stock traded at a high of $55 and a low of $53, then the FMV for tax purposes would by $108/2 or $54 per share.

If by chance the estate had to value the stock for the estate's purposes, you would use the value the estate used.

 

 

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**
bender_1227
Level 2

How do I enter capital gains from stock that was given to me from an estate. I am only responsible for the gains from the date of their death.

Got it thx!

bender_1227
Level 2

How do I enter capital gains from stock that was given to me from an estate. I am only responsible for the gains from the date of their death.

Okay thanks for letting me know. 

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