My mother died in 2021. I inherited some securities from her estate. In 2023, my wife and I donated 45 shares of stock I had received to a charity.
In declaring this gift, there is a "I inherited my donation" option, but if I select that option, I then have to go into Item donation and I am still asked for the purchase price, which makes NO sense because I am already telling TurboTax that I inherited the stock on the same screen. Yes, I understand the cost basis is adjusted to the value on the day my mother died, but:
1. Why does it matter whether I bought the stock or inherited it?
2. Why is it asking me for *purchase* price when I didn't buy it? If it's wants cost basis, then say so.
Thanks,
TK
You'll need to sign in or create an account to connect with an expert.
Here are the answers to your questions:
When I look at the Charitable Worksheet it shows the value I entered on the date of death.
"Why does it matter whether I bought the stock or inherited it? "
See U.S. Tax Code.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
pattylovelife
Returning Member
x46359
Returning Member
48078df8f5ff
New Member
jlhenley4
New Member
bookworm12k
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.