Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 2:07:26 PM

Stocks were received as inheritance of which some were sold. Is the proceeds from the sale taxable?

0 1 589
1 Replies
Level 1
Jun 4, 2019 2:07:28 PM

Yes, the proceeds of the inherited stock is taxable.

However, you are entitled to an adjusted cost basis to the date of the decedent's death. You will provide the original date of purchase, but adjust the cost to reduce your capital gains. 

Here is a tool to determine the cost basis: Historical Stock Prices