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Mandeb123
Level 2

NC Unclaimed Property sent us net proceeds from sale of stock which had been my late grandfather's. Is this still taxable income? We received no tax forms.

My grandparent's estate was settled/closed in 2017. In 2018, NC Department of State Treasurer, Unclaimed Property, sent us net proceeds from the sale of stock which was my late grandfather's. I don't believe the stock exists anymore so there was no option to re-register or reinstate. We were not sent a 1099-B (or any other sort of tax form). Is this still taxable income? If so, how/where do we report it?


1 Best answer

Accepted Solutions
JulieR
New Member

NC Unclaimed Property sent us net proceeds from sale of stock which had been my late grandfather's. Is this still taxable income? We received no tax forms.

Yes, this income is taxable.  To report it:

  • Click on your Federal Taxes tab and then the Wages & Income tab in that section.
  • Scroll all the way down to the section called Less Common Income.
  • Choose Miscellaneous Income at the bottom of the list, and then
  • Choose Other Reportable Income at the bottom of that section.
  • You'll be prompted to enter a description and an amount.  You can name it "unclaimed property"
  • TurboTax will calculate any applicable taxes for you.
  • Click Continue when you are finished.

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3 Replies
Mandeb123
Level 2

NC Unclaimed Property sent us net proceeds from sale of stock which had been my late grandfather's. Is this still taxable income? We received no tax forms.

I have since discovered that the stock does still exist although my grandfather’s shares have been liquidated. if we have now been able to determine approximate value per share based on date/week of my grandfathers passing, should this be filed as sale of stock instead of miscellaneous income? if so what further information might we need to gather from unclaimed property of NC? Number of shares sold? Date sold?
JulieR
New Member

NC Unclaimed Property sent us net proceeds from sale of stock which had been my late grandfather's. Is this still taxable income? We received no tax forms.

Yes, this income is taxable.  To report it:

  • Click on your Federal Taxes tab and then the Wages & Income tab in that section.
  • Scroll all the way down to the section called Less Common Income.
  • Choose Miscellaneous Income at the bottom of the list, and then
  • Choose Other Reportable Income at the bottom of that section.
  • You'll be prompted to enter a description and an amount.  You can name it "unclaimed property"
  • TurboTax will calculate any applicable taxes for you.
  • Click Continue when you are finished.
Mandeb123
Level 2

NC Unclaimed Property sent us net proceeds from sale of stock which had been my late grandfather's. Is this still taxable income? We received no tax forms.

I have since discovered that the stock does still exist although my grandfather’s shares have been liquidated. if we have now been able to determine approximate value per share based on date/week of my grandfathers passing, should this be filed as sale of stock instead of miscellaneous income? if so what further information might we need to gather from unclaimed property of NC? Number of shares sold? Date sold?
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