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emeraldbeacon
Returning Member

(How) do I report sale of stock from within an Inherited IRA?

I inherited an IRA from my father when he passed away about 8 years ago.  Last year was the first time I needed to sell stock from it, to cover the minimum required distribution. 

 

Now, I'm not a finance person, so I don't know a lot about it, but I thought I would need to report capital gains/losses from the account.  I'm not sure how I should go about entering that, though, or if I even need to, given the nature of this account (Inherited IRA)?

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Accepted Solutions
rjs
Level 15
Level 15

(How) do I report sale of stock from within an Inherited IRA?

You do not report capital gains or losses within an IRA. You only report distributions when you take money out of the IRA. You get a Form 1099-R for the distributions, showing the amount that you took out.

 

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2 Replies
rjs
Level 15
Level 15

(How) do I report sale of stock from within an Inherited IRA?

You do not report capital gains or losses within an IRA. You only report distributions when you take money out of the IRA. You get a Form 1099-R for the distributions, showing the amount that you took out.

 

emeraldbeacon
Returning Member

(How) do I report sale of stock from within an Inherited IRA?

I did get a 1099-R for that account, and input everything accordingly.  Glad to hear that the gains/losses aren't taxed twice over!  Thanks for the help.

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