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RCarter94
New Member

1099b inherited stock cost basis

I'm using 2025 desktop premier. I have inherited stock that has no cost basis in my 1099b, and the 1099b shows the incorrect acquisition date.  Prior posts/replies note using the "how did I receive this investment" box and select "I inherited it".  However there is no option available in the 1099b edit screen for "how did I receive this"... This is an import of the 1099b if that matters. The "date this investment was acquired" field only accepts dates. I cannot enter "inherited" as noted in some posts from earlier years.

 

 

 

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5 Replies
RCarter94
New Member

1099b inherited stock cost basis

correction, the 2024 version 😃

1099b inherited stock cost basis

Enter the date the original owner passed. Mark BoX D on form 8949 Page 2.

It is the box marked that controls the Long Term treatment.

 

@RCarter94 

1099b inherited stock cost basis

For non-covered securities ( BOX B or E) showing zero (wrong) basis, enter the correct basis yourself.
Use code "B" and put -0- in col (g).

 

your basis is the value on the date you inherited the stock.

 

@RCarter94 

RCarter94
New Member

1099b inherited stock cost basis

thanks for this, I see where this is in the for 8949 (I have have it corrected now).  Is there nowhere that it gets noted as inherited? I am simply noting its a correction, no need to provide any further clarification/justification?

1099b inherited stock cost basis

For the Acquired date, in the Import dialog I had to select "Various".

Then, I went into menu > View > Forms > Form 1099-B Wks > QuickZoom to Cap Asset Sales. (N.B. the little status line at bottom, with the up arrow to open the corresponding form, said "No Form".)

Then, in the field where TT automatically entered "VARIOUS", I was able to type "inherited". (N.B. at first I typed "INHERIT", which was highlighted in red as an error. When I changed it to "inherited", the color changed back to the normal blue; so I think (a) this field is validated and (b) "inherited" is correct.)

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