Brother had 201 shares Computershare stock valued at 47.07 each, when he died on 08/26/2018, for total value of 9461.07. I cashed out stocks on 12/30/2018 at 45.01 for total value of 8991.86.
Also had Waddell and Reed mutual fund that was worth 121,015.87 on 08/26/2018. Sold funds for 118,629.30 on 12/20/2018.
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You need Premier or above to report your sales. You'll use the "Stocks, Mutual Funds, Bonds, Other" interview.
You need the 1099-Bs reporting the sales.
You need to know the cost basis of each security at the date of death. That will be your basis which is subtracted from the proceeds to come up with the gain or loss. It appears you'll have a net loss in both accounts.
When you sell the stock put the word "inherited" in the date acquired field. That will make your gains/losses "long term" which they are as a matter of tax law.
Tom Young
You need Premier or above to report your sales. You'll use the "Stocks, Mutual Funds, Bonds, Other" interview.
You need the 1099-Bs reporting the sales.
You need to know the cost basis of each security at the date of death. That will be your basis which is subtracted from the proceeds to come up with the gain or loss. It appears you'll have a net loss in both accounts.
When you sell the stock put the word "inherited" in the date acquired field. That will make your gains/losses "long term" which they are as a matter of tax law.
Tom Young
First, I would like to express my condolences on the passing of your brother.
You should have received a Form 1099-B for each of the accounts that you cashed out.
Each Form 1099-B will show the total proceeds from the sale and the date sold. You will need to include your cost basis which is the value on the day your brother died, which you have already calculated. In addition, if the form does not include a "sale category", you should designate this sale as "long term uncovered" since inherited shares are considered long term holdings.
The information from your 1099-B input will be used to complete Forms 8949 and Schedule D.
To input your Form 1099-B in TurboTax, please follow these steps:
Please comment below if you need further assistance reporting your stock and mutual fund sales.
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