My Uncle left me $8000. in stocks that i cashed in ,do i have to claim them an how much will i be paying ?
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The cost basis of the stock is the value at the time of the death of your uncle. Your capital gain is the difference between the cost basis and the proceeds. Your brokerage should have that data as well as any reinvested dividends affecting the cost basis. Capital gains tax depends on your taxable income but is generally 15%.
You can’t report stock sales with the free program. You will be prompted to upgrade.
Yes, you will claim the sale of the inherited stock on your tax return. They are treated as a sale of investment property and reported on Schedule D. The amount of gain (or loss) depends on two things:
The difference in these two figures will determine whether you have a gain or a loss. A gain will be added to your other taxable income, or a loss will reduce your other taxable income.
In TurboTax you can follow these steps to enter the sale (click the link for more information):
We are very sorry for your loss.
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