topic 1099-B form Money received was inheritance. How do I report it and is it taxable? in Retirement tax questions

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

bgibson2918 — Thu, 06 Jun 2019 05:27:54 GMT

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

HelenaC — Thu, 06 Jun 2019 05:27:55 GMT

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

Re: Yes, you have to report it and it may or may not be taxab...

spoede1026 — Thu, 16 Feb 2023 12:25:37 GMT

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?

Re: Yes, you have to report it and it may or may not be taxab...

JH303 — Wed, 01 Mar 2023 19:17:17 GMT

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

Re: Yes, you have to report it and it may or may not be taxab...

HopeS — Wed, 01 Mar 2023 20:30:48 GMT

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

Estates and trusts

Cost Basis

@JH303