Solved: I received 1099-B for the sale of my deceased mothers sales of stock. But don't know what to enter as the cost basis. There's nothing about it on form. ?
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I received 1099-B for the sale of my deceased mothers sales of stock. But don't know what to enter as the cost basis. There's nothing about it on form. ?

 
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I received 1099-B for the sale of my deceased mothers sales of stock. But don't know what to enter as the cost basis. There's nothing about it on form. ?

First, I would like to express my condolences on the passing of your mother.

Your cost basis in the stock you inherited from your Mother is the value of the stock on her date of death.  

You can find the price per share of the stock on the date of her death by going here: Historical Stock Values.  You can research what the price per share of the stock was on that day and then multiply it by the number of shares you sold.  This will be your cost basis.


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Level 4
Intuit Approved!

I received 1099-B for the sale of my deceased mothers sales of stock. But don't know what to enter as the cost basis. There's nothing about it on form. ?

First, I would like to express my condolences on the passing of your mother.

Your cost basis in the stock you inherited from your Mother is the value of the stock on her date of death.  

You can find the price per share of the stock on the date of her death by going here: Historical Stock Values.  You can research what the price per share of the stock was on that day and then multiply it by the number of shares you sold.  This will be your cost basis.


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I received 1099-B for the sale of my deceased mothers sales of stock. But don't know what to enter as the cost basis. There's nothing about it on form. ?

Hello,

I am seeking additional information about the question related to sales of stock for a deceased relative.  When my mother passed last February, as the executor, I had to sell her stock to distribute to siblings.  She had 2 brokerages and each required that I set up my own brokerage accounts. I then had to close my mothers accounts and transfer funds to me.  Then I sold the stock and closed the accounts.

 

My mother did not receive any 1099's but I did.  I'm just wondering how I account for all these transactions?  And will I be taxed on the monies I received?

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I received 1099-B for the sale of my deceased mothers sales of stock. But don't know what to enter as the cost basis. There's nothing about it on form. ?

If you were the sole beneficiary of the brokerage accounts, and the new accounts were set up only in your name, you will have to report the earnings from the sale of the brokerage assets on your individual return. If you transferred the money to siblings, this is a gift transaction. Gift tax may apply if the amount was greater than $15,000.

 

If the brokerage was set up through an estate, then the estate would be responsible for the taxes and reporting. The transactions would not appear on your individual income tax return.

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Returning Member

I received 1099-B for the sale of my deceased mothers sales of stock. But don't know what to enter as the cost basis. There's nothing about it on form. ?

Thank you so much!

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