Mike9241 is correct regarding his answer on entering 'Inherited' in the date acquired field to indicate Long Term Gains from the sale of inherited stock.
You should review your 1099-B before importing and if necessary manually enter the transitions.
The tax rate for long-term gains is lower than the rate on short-term gains or your regular income tax rate.
Note: Regarding basis:
When you inherit stock or other property, your basis is usually the value of the asset on the date of death of the previous owner. Assuming the asset had appreciated since the original owner purchased it, the basis is "stepped up" to current market value, so the income tax on any profit that built up while the previous owner was alive is forgiven. You are responsible only for the tax on appreciation after you inherit the stock. If the stock price falls before you sell it, you can claim a tax loss. If the stock had lost value while owned by your benefactor, your basis is "stepped down" to the date of death value.
An exception applies only when an estate is large enough for a federal estate tax return to be filed. The exception can set the basis of inherited property at its value six months after the owner died, or when it was sold if during that six month period. Using this exception, called the alternate valuation date, may make sense if the value of the estate's assets has fallen during the six months following the owner's death. If the executor of the estate chooses to value assets using the alternate valuation date for estate tax purposes, the value on that date becomes your basis in the inherited stock.
