TurboTax will not let me complete my filing because 1099-B is supposedly incomplete. But the stock sale was on noncovered stocks, so no cost basis was provided.

[jwalker019]

. . . and so cost basis is not required.

[TomYoung · Accepted solution]

". . . and so cost basis is not required."

That is not correct.  The fact that the stock sold was "noncovered" only means the broker is not reporting the basis to the IRS.  Some basis - even $0 - needs to be entered and you can do that if you don't mind paying tax on the entire amount of the proceeds. 

The basis for the sale has to come from your own records, just like investors have been providing that information for decades before the concept of covered/noncovered securities was dreamed up by the IRS.

Presumably you do have some basis in the stock, I'd think.

Tom Young

[rebelonthehill]

So if I can find a portfolio statement from death date of family member (inherited )there should be a cost basis I should use.

[TomYoung]

NO.

Stocks get a "stepped up" or "stepped down" basis as of the date of death, typically.  (Alternatively the executor could pick a date 6-months after the DoD; ask the executor.)

Look up the stock's closing quote on that date.

[jdobara]

Can turbotax help me find the closing quote on the death date?

[TomYoung]

Go to Yahoo Finance.  Enter the ticker symbol.  Click "Historical Data" as specify either scroll down until you find the DoD or enter a "beginning" and "ending" date for historical quotes that brackets the DoD.