Solved: Form 1099-B from a state we don't live in from unclaimed property. Date of sale was in 2006. Do we need to include as income on our Federal return & file WI state too?
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Form 1099-B from a state we don't live in from unclaimed property. Date of sale was in 2006. Do we need to include as income on our Federal return & file WI state too?

I believe this unclaimed property resulted from a death and my husband the beneficiary.
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Form 1099-B from a state we don't live in from unclaimed property. Date of sale was in 2006. Do we need to include as income on our Federal return & file WI state too?

Yes, to both federal and state returns (assuming you meet the filing requirement for Wisconsin).

The filing requirement for Wisconsin for nonresidents is basically $2,000 (see the image attached and/or use this link: Wisconsin Filing Requirements)

The Form 1099-B can be recorded while preparing your tax return by using the steps below.

You can go directly to the area to enter your 1099b in TurboTax online 

1. Sign into your account and select your current return.

2. Select  My Account on the top right and then select Tools

3. Select Topic Search (see attached image)

4. Search for 1099b and select Go

5. Follow the interview to enter your information.

You can go directly to enter the information using these steps either TurboTax desktop.

1. Search box in the upper right

2. Search for 1099b

3. Jump to 1099b

4. Edit or change your entry.

The cost basis (adjusted basis) to you is the value on the date of death of the decedent if you believe this is received as a beneficiary.  You should be able to find that value by using the internet or financial advisor.

View solution in original post

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Level 2

Form 1099-B from a state we don't live in from unclaimed property. Date of sale was in 2006. Do we need to include as income on our Federal return & file WI state too?

Yes, to both federal and state returns (assuming you meet the filing requirement for Wisconsin).

The filing requirement for Wisconsin for nonresidents is basically $2,000 (see the image attached and/or use this link: Wisconsin Filing Requirements)

The Form 1099-B can be recorded while preparing your tax return by using the steps below.

You can go directly to the area to enter your 1099b in TurboTax online 

1. Sign into your account and select your current return.

2. Select  My Account on the top right and then select Tools

3. Select Topic Search (see attached image)

4. Search for 1099b and select Go

5. Follow the interview to enter your information.

You can go directly to enter the information using these steps either TurboTax desktop.

1. Search box in the upper right

2. Search for 1099b

3. Jump to 1099b

4. Edit or change your entry.

The cost basis (adjusted basis) to you is the value on the date of death of the decedent if you believe this is received as a beneficiary.  You should be able to find that value by using the internet or financial advisor.

View solution in original post

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