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MGC94
Level 7
March 20, 2023
Solved

1099-B inheritance

  • March 20, 2023
  • 1 reply
  • 11 views

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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Best answer by IRonMaN

Cost basis is the value of the investment on her date of death.

1 reply

IRonMaN
IRonMaNAnswer
Level 15
March 20, 2023

Cost basis is the value of the investment on her date of death.

Slava Ukraini!
MGC94
MGC94Author
Level 7
March 20, 2023

Thank you 

IRonMaN
Level 15
March 20, 2023

You betcha!

Slava Ukraini!