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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13598
Experience:  15years with H & R Block. Divisional leader, Instructor
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I sold shares of stock that I inherited several years ago.

Customer Question

I sold shares of stock that I inherited several years ago. How do I figure the capital gain that I will be taxed on? Do I use the value of the stock from the date I acquired the stock or the value of the stock on the date of death of the benefactor?
Submitted: 4 months ago.
Category: Tax
Expert:  Robin D. replied 4 months ago.

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Expert:  Robin D. replied 4 months ago.

The fair market value on the date of death is used for your cost. The difference in that and the sale price is your gain or loss. This is called "step up basis".

Expert:  Robin D. replied 4 months ago.

Checking back with you to see if you needed clarification.