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Level 3
posted Feb 11, 2023 11:41:13 AM

No stepped up basis on 1099-B

If 1099-B from broker does not include DOD values on 1099-B for inherited securities, just manually adjust in TT and keep on trucking and worry about it if/when IRS contacts me??

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2 Replies
Level 15
Feb 11, 2023 11:51:43 AM

If you know the correct basis TurboTax lets you modify the cost basis with an adjustment.

putting "shares of XYZ (inherited)" in the description won't hurt.

note that inherited stock is always Long Term (BOX D, E or F).

Expert Alumni
Feb 11, 2023 11:53:05 AM

Yes, you would enter the basis at the date of death. Make sure that you keep your research and calculations that you used to determine the value in case the IRS does contact you.

 

Please see this TurboTax Help article about entering an adjusted cost basis.