I sold stock shares from an inheritance at the value inherited, ie no gain. I received 1099B, do they need to be reported since inherited? If so, how?

[leeloo]

Absolutely, the IRS gets a copy and without you reporting the circumstances, all they see is the gain.

Here is information on where to enter the sale of stock:

To enter an investment sale from a brokerage account (1099-B), follow the steps below.

• Click on Federal Taxes 
• Click on Wages and Income
• Click on I'll choose what I work on
• Under Investment Income
• On Stocks, Mutual Funds, Bonds, Other, click the start or update button

When asked how you got the stock, there is a place to indicate that it was inherited.

[Mike9241]

it's under investment income - sale of stocks.  for date acquired type inherited.  failure to report the sale and tax basis and the IRS assumes your  tax basis is zero which results in a bill. then you have to file an amended return or respond as directed in the iRS notice

[fb4514]

Thank you for this response, very thorough and easy steps to follow...I am now awaiting the ability to amned my 2022 already submitted return.

[fb4514]

Thank you for this response, very thorough and easy steps to follow...I am now awaiting the ability to amend my 2022 already submitted return.