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I have already filed and received my refund-now I have received some 1099B's from an inheritance. Not sure why these sales are under my social security number-shouldn't


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I have already filed and received my refund-now I have received some 1099B's from an inheritance. Not sure why these sales are under my social security number-shouldn't
According to the 1099B, you received the stocks in your name as part of the inheritance. When sold, you should have also received the proceeds from the sale.
However, the good news is that when you inherit stock, your "tax basis" in the securities -- that is, the value you use to determine your tax gain or loss -- is generally the value of the stock on the date of the decedent's death as noted in any estate or inheritance records. So you would owe capital gains tax only on the amount of any appreciation after the death. If the stock falls in value before you sell it, you would have a tax-saving capital loss.
Since you have already filed your return, you'll need to wait for your tax return to either be rejected or accepted, if it is rejected you can add your Form 1099-B, correct any other errors on the return and resubmit it. If it is accepted, you will need to amend your return to include the Form 1099. You cannot e-file an amended return as this cannot be filed electronically. The form is only filed on paper, so it will need to be printed and filed by mail.
Please see the following TurboTax FAQ for instructions on how to amend your 2016 tax return in TurboTax.
https://ttlc.intuit.com/replies/3288565
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I have already filed and received my refund-now I have received some 1099B's from an inheritance. Not sure why these sales are under my social security number-shouldn't
According to the 1099B, you received the stocks in your name as part of the inheritance. When sold, you should have also received the proceeds from the sale.
However, the good news is that when you inherit stock, your "tax basis" in the securities -- that is, the value you use to determine your tax gain or loss -- is generally the value of the stock on the date of the decedent's death as noted in any estate or inheritance records. So you would owe capital gains tax only on the amount of any appreciation after the death. If the stock falls in value before you sell it, you would have a tax-saving capital loss.
Since you have already filed your return, you'll need to wait for your tax return to either be rejected or accepted, if it is rejected you can add your Form 1099-B, correct any other errors on the return and resubmit it. If it is accepted, you will need to amend your return to include the Form 1099. You cannot e-file an amended return as this cannot be filed electronically. The form is only filed on paper, so it will need to be printed and filed by mail.
Please see the following TurboTax FAQ for instructions on how to amend your 2016 tax return in TurboTax.
https://ttlc.intuit.com/replies/3288565
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