1099-B inheritance

[MGC94]

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 

[IRonMaN · Accepted solution]

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

[MGC94]

Thank you 

[IRonMaN]

You betcha!

[PATAX]

@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.