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I received unclaimed property check from NC. I believe it was from stocks I received in my youth. Do I owe taxes, if so how do I pay? I received no tax forms.

 
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I received unclaimed property check from NC. I believe it was from stocks I received in my youth. Do I owe taxes, if so how do I pay? I received no tax forms.

You use the "Stocks, Mutual Funds, Bonds, Other" interview.  You tell TurboTax "no 1099-B was received".  You use the investment type "Stock."  Your holding period is "long term".

If you can't determine a basis for the stock simply use $0 and pay taxes on the entire proceeds.  You may find that the long term "capital gain" is taxed at 0%, depending on your tax bracket.

Tom Young

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I received unclaimed property check from NC. I believe it was from stocks I received in my youth. Do I owe taxes, if so how do I pay? I received no tax forms.

You use the "Stocks, Mutual Funds, Bonds, Other" interview.  You tell TurboTax "no 1099-B was received".  You use the investment type "Stock."  Your holding period is "long term".

If you can't determine a basis for the stock simply use $0 and pay taxes on the entire proceeds.  You may find that the long term "capital gain" is taxed at 0%, depending on your tax bracket.

Tom Young
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