I inherited stock in 1980 and sold in 2023. Broker provided 1099B but only provided basis from 2012 on.

[jaclacrjclec]

On the brokers 1099B they list all transactions except for the cost basis for the original shares which i inherited in 1980. Turbotax is telling me i need to upload or mail in a 1099B because i need to come up with my own basis for original shares? The broker already sent in the 1099B to IRS, why do I?

[tagteam]

Your basis would typically be the fair market value on the date of death of the person from whom you acquired the stock (i.e., FMV in 1980).

If you cannot determine that basis, you'll have to use a zero basis for the sale.

[jaclacrjclec]

What does turbotax expect me to mail in? Broker is sending in all transactions from 2012 to 2023 is there a form i fill out with the FMV?

[tagteam]

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@jaclacrjclec wrote:

....Broker is sending in all transactions from 2012 to 2023 is there a form i fill out with the FMV?

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You need your basis for those transactions. If you inherited the shares in 1980, the FMV in that year (month and day) would be your basis.

[tagteam · Accepted solution]

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@jaclacrjclec wrote:

What does turbotax expect me to mail in? 

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It's not going to help to mail anything in if you don't have the 1980 basis for the shares you sold, and you don't need to mail anything in if you supply that basis in the program.