taxpayer gets 1099-B with 0 cost basis only proceeds of $6,049. This was inherited when the mom passed away. Is there a way to write off cost basis?
Thank you
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Cost basis is the value of the investment on her date of death.
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You betcha!
@MGC94 when you inherit something basis is fair market value at date of death. When you receive a "gift", basis is cost basis of the person who gave you the gift. If I'm wrong then somebody will let you know.
