My mother passed in March 2024. My sisters and I inherited our mother’s investments. My inherited investments are through Edward Jones and my advisor is based in PA but also licensed in FL (he was our mom’s advisor).
Taxes are paid in the state that you sell them in.
The basis of the stock for federal purposes is based on the value at the time of your Mom's passing
Taxes are paid in the state that you sell them in.
The basis of the stock for federal purposes is based on the value at the time of your Mom's passing
Thanks! This will make filing my taxes this year less complicated than anticipated given the unfortunate event happening.
One more question: my 1099-DIV form shows that I earned exempt-interest dividends, but the form does not list from which state(s) these exempt-interest dividends were earned or which state(s) issued these municipal bonds. Turbo Tax says that I should select “Multiple States” from its drop-down menu, even as a Florida resident. Is this correct or should I select “Florida” from the list? Please advise. Thanks.
John B.