eaf1213
Level 4
‎03-28-2023 03:40 PM

My client received inherited Metlife shares last year when her mom died. This is the 1099-B she received. There is no acquired date and no cost basis on the 1099-B. Her mom died 9/22/22. Would that be the acquired date? Also where is box #5 in ProSeries? I can't find it anywhere. 

Screenshot 2023-03-25 124655.jpg

0 Cheers
rbynaker
Level 14
‎03-28-2023 04:20 PM

If you can put "Inherited" as the date acquired it should make it long-term.  The basis would be the FMV on date of death.  Looks like $64.10/sh.  If there are any reinvested dividends after death they would have their own basis and holding period.

Norman2001
Level 7
‎03-29-2023 08:12 AM

Older Proseries versions had a checkbox for noncovered security;newer versions don't.  For noncovered securites, basis is not reported to IRS.  Check NO for "Basis Reported to IRS?. The transaction will then have box code E.