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Carole3
New Member

Found unclaimed funds 2017at NYS comptroller. Inherited these funds. Father died in 2004. How do find cost basis?

 
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IsabellaG
Expert Alumni

Found unclaimed funds 2017at NYS comptroller. Inherited these funds. Father died in 2004. How do find cost basis?

If it's cash that you inherited, the  basis is the fair market value of the account as of your father's date of death. If there was interest that accrued for the time the funds remained unclaimed, that would be reportable as interest income, but the rest is nontaxable.

If it's another type of asset, such as stock, you can research historical stock prices on various sites online.

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IsabellaG
Expert Alumni

Found unclaimed funds 2017at NYS comptroller. Inherited these funds. Father died in 2004. How do find cost basis?

If it's cash that you inherited, the  basis is the fair market value of the account as of your father's date of death. If there was interest that accrued for the time the funds remained unclaimed, that would be reportable as interest income, but the rest is nontaxable.

If it's another type of asset, such as stock, you can research historical stock prices on various sites online.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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