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fsdeath
New Member

Where to enter inheratence income

My wife inherited several shares of different stocks when an aunt passed away in 2015.  She has sold them most of them in 2016.  We know the date of death and date of sale.  Where  to we enter the profit or loss of these stocks?
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Accepted Solutions
RichardG
New Member

Where to enter inheratence income

Your wife's basis in the stock is the average of the high and low trading price of the stocks on the day her aunt died.  It's crucial to have this information so you don't overpay taxes on the sale.

Once you have this information, you'll enter the sales under Federal Taxes>Wages & Income>Investment Income.  Report the sales as long term capital gain or loss, no matter how long she owned the stock after her aunt passed away.

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1 Reply
RichardG
New Member

Where to enter inheratence income

Your wife's basis in the stock is the average of the high and low trading price of the stocks on the day her aunt died.  It's crucial to have this information so you don't overpay taxes on the sale.

Once you have this information, you'll enter the sales under Federal Taxes>Wages & Income>Investment Income.  Report the sales as long term capital gain or loss, no matter how long she owned the stock after her aunt passed away.

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