We received a 1099B from the state of Wisconsin for unclaimed property from my wife's step father. We didn't know it was there prior to 2019. How do I enter the information into the Federal forms and is it taxable. When I looked at the 10099B form, it asked the broker's name. We don't know who it was as this was issued by the state of Wisconsin. Can you assist how to decalre the money?
You would enter State of Wisconsin as the Payer for your 1099-B.
Click this link for more info on How to Enter Form 1099-B and general info About Form 1099-B.
It could be a taxable Gain or Loss, depending on what is shown as the Cost and Sales Proceeds on your 1099-B.
There is no cost of sale to us. The unclaimed property was an unknown inheritance. The broker box doesn't allow the state of Wisconsin as the payee, it just offers several financial companies. I did see the jump to link in the search but it asks for more information that doesn't match. What am I missing? Thank you so much..
Type '1099b' in the Search area, then click on 'Jump to 1099b'.
Choose 'I'll type it in myself'.
On the next screen, choose 'my bank/brokerage isn't here' and you can type in 'State of Wisconsin' (screenshot).
For 'Description' you can say 'Inherited Property' if there is no description on the 1099-B.
Your Cost Basis is $0, unless there is an amount on your 1099-B.