Do we need to claim? Received a 1099-B for $298.25 from State of Tennessee Unclaimed Property related to Mothers estate.

[GiseleD]

Yes, you should report this. If there is an estate in existence from your mother, this may need to be reported on Form 1041 (U.S. Income Tax Return for Estates and Trusts). Can you provide some more details on this form so we can better guide you? Who is the payee? Also, is there estate income?

[cobipe]

The estate closed in 2007.  This money was unclaimed property from then.  Description of property says 6.000 shares Comcast Corp. new USD 0.01. Recipient is my Spouse. Amount is $298.25

How do I add this to my return (doing online thru Turbo Tax).  When asked about 1099-B it asks if We sold any stocks... We did not sell these stocks.

[cobipe]

Posted.  Waiting for your reply. Thanks

[Opus 17]

Since you got a 1099-B, the simplest thing is to report it as taxable income.  You did sell stocks (or rather the state sold them for you).  

You would indicate that you inherited them, and the cost basis is 6 shares x the share price on the date your mother died.  You can look this up on the Comcast web site.  (It's about $13-$14 each.)  Selling date is the date you got the check from the state unclaimed property department.  You'll have a capital gain of around $215.

[Opus 17]

"Posted.  Waiting for your reply. Thanks"

This is not live chat.  Just because some of us hang around the forum like hungry dogs at the back door of a butcher shop, doesn't mean someone is guaranteed to get to you in just a few minutes. 🙂 

[cobipe]

Thank You

I am unsure of how to handle this using Turbo tax.  The answers they give me to use are unclear.  Will take everything to an accountant instead.