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New Member
posted Jun 5, 2019 10:27:54 PM

1099-B form Money received was inheritance. How do I report it and is it taxable?

0 4 7430
4 Replies
New Member
Jun 5, 2019 10:27:55 PM

Yes, you have to report it and it may or may not be taxable.

If you inherited the shares: The cost basis of inherited stock is generally "stepped-up" to the market price of the stock on the date that the benefactor died. See the information below.

In some rare cases the executor of the estate may have made a special election to treat the stock differently. Check with your executor if you're not sure. 

Please see the instructions below to enter your Form 1099-B Proceeds From Broker and Barter Exchange Transactions.

https://ttlc.intuit.com/replies/4789365

How Do I Find the Cost Basis for My Investments?
https://ttlc.intuit.com/replies/3300454

Level 3
Feb 16, 2023 4:25:03 AM

HelenaC:

 

The links you provided no longer work and I have not been able to find those topics by doing a search. If you're still checking this forum, is there any way to update your links?

New Member
Mar 1, 2023 11:17:17 AM

In what way would the executor elect to do would make the money taxable?

Expert Alumni
Mar 1, 2023 12:30:48 PM

Please clarify your questions if the link provided below are not helpful:

 

Estates and trusts 

 

Cost Basis

 

@JH303