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We received a 1099-DIV with box 8 filled in. The original…

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We received a 1099-DIV...

We received a 1099-DIV with box 8 filled in. The original shares were $100 each when my mother-in-law bought them. The bank was sold and we received a check and this 1099 for 2017 since my mother in law passed away in July. I am not sure what form to file it on in my taxes for a capital gain.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Not that I'm aware of.

Submitted: 24 days ago.Category: Tax
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3/29/2018
Tax Professional: Gerald, Esq, Attorney replied 24 days ago
Gerald, Esq
Gerald, Esq, Attorney
Category: Tax
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Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

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Tax Professional: Gerald, Esq, Attorney replied 24 days ago

This is not a taxable event for you. A Box 8 ditribution is a return of capital. Any liquidating distribution you receive is not taxable to you until you recover the basis of your stock. This is usually not the case in a liquidation.

Also since this is an inheritance you are enntitled to a step up in basis at the time of your Mother-in-law's passing. Sonce it is so close in time the basis would be so close to the same amount of the distribution if there was any difference.

Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

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Tax Professional: Gerald, Esq, Attorney replied 24 days ago

It easier to run these distributions on Sch D form 8949. Make certain that they appear on the Sch D to match whatever has been reported to the IRS.

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