Cooperative Dale

Forum|Forum|4 years ago
January 19, 2022
3 replies
27 views

I incurred a loss on the sale of a Co-Op that I inherited but never lived in nor rented. While I entered the Cost Basis and the Selling price and the respective dates, am I also supposed to enter the number of Co-Op Shares that were involved/sold as that was not requested in the Investment Income section? Also, on a loss, would I need to file a1099-S form? As an FYI, I never received a 1099-S statement.

Not A Product Question

RobertB4444

Level 15

When you inherit something its cost basis is the value that it had at the date of death of the person that you inherited it from (or exactly six months later if that value is higher). If what you inherited - and then sold - was in this case a co-op as well as co-op shares then the cost basis that you enter (and the description of the sale) should include the value of the co-op shares.

If there is no 1099-S sent to you then you need to use the closing statement as well as whatever documents you have to show the value at the date of death in order to prepare the return. Be certain to keep these documents in case the IRS questions your valuation of the property.

When you're entering this sale in to TurboTax you'll enter the type of investment as "Other" and then enter "I inherited it" when asked how you received it. Make sure to add the co-op shares as part of the description of the property.

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LidskiAuthor

Level 2

Thank you but I do not see any place to enter "Other". Perhaps I'm not in the correct section to enter it. In the section that says "Stocks, Mutual Funds, bonds, Other", I do not see any place to actually indicate Other, unless you are saying to add it as part of the description. These are the fields I see:

Descrption, Date Sold, Date acquired, Sales proceeds, Dost or other basis, Holding period