The 1099B records short term gains (box A) but says if it comes from a descendent that it can count as long term gains (box D) and does this conversion. However, I want to verify that this is still the case since my dad passed in 2015 and the securities stayed in his trust until end of 2017.
You'll need to sign in or create an account to connect with an expert.
Inherited assets are Long Term regardless of when you get the asset.
To make sure this gets entered correctly do not do the import, but go to the investment area and enter it as if it were not on a 1099B or change the entry of the 1099B to reflect this.
Since you inherited the stock, your “cost basis” for calculating the gain or loss will generally be the fair market value of the stock on your father's date of death, and this may help your tax situation.
Inherited assets are Long Term regardless of when you get the asset.
To make sure this gets entered correctly do not do the import, but go to the investment area and enter it as if it were not on a 1099B or change the entry of the 1099B to reflect this.
Since you inherited the stock, your “cost basis” for calculating the gain or loss will generally be the fair market value of the stock on your father's date of death, and this may help your tax situation.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
arlenebt
New Member
angelique4
New Member
lisa1aguilar
Level 2
MomentSeeker
Level 1
spetril
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.