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Inherited stocks from my father and I sold the stocks. bank…

inherited stocks from my...

inherited stocks from my father and I sold the stocks. bank sent me statement showing gross proceeds of 409,187. previous value 331,936 and term was undetermined b or e basis not reported to the irs. how do I claim or not claim

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Answered in 5 minutes by:
3/6/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,610
Experience: 15years with H & R Block. Divisional leader, Instructor
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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.

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When you inherited the stocks you received a cost that was Fair Market Value on the date your father passed away. You use long term as your holding period. You will only pay tax on the gain. The gain is the difference in the Fair Market Value when you inherited and the sale price.

Report this on form 8949 and it should carry to Schedule D.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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Customer reply replied 1 month ago
the date acquired is this the date he acquired the stock?

The date acquired should just read INHERITED on the form 8949

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited. Thank you

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Hello, just checking back to see if you responded again

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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Experience: 15years with H & R Block. Divisional leader, Instructor
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Experience: 15years with H & R Block. Divisional leader, Instructor

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