On 3/28/16, My mother passed. There was a brokerage account that was held as TOD, and to be shared by my sister and I. The bank properly divided the account after obtaining and documenting a Date of Death evaluation for 3/28/16. My sister simply had her SHARES transferred to her broker so there was nothing for her to report. I asked them to sell my shares. On 5/20/16, the sale occurred and a $356 LOSS was incurred. They mailed me a check for the proceeds.
I just received a 1099B for the account, properly showing the date the fund became mine (3/28/16), the date of redemption (5/20/16), identifying it as a Long Term loss and shows the aforementioned loss ($356).
The 1099B, however, is listed with my mother's name, followed by the letters "DCD TOD", which I assume reflects that she is deceased and the account has been transferred on death. It also shows only my mother's SSN.
How do I enter it on my taxes if the IRS received its copy of the 1099B under my mother's SSN? Will the name "DCD TOD" trigger them to expect to receive the information from me? I'm sure if it was a $356 GAIN, they would want their share.
Thank you for any help! Our local IRS office is closed, and this is the only issue I am having with my usual self-prepared taxes.
I just received a 1099B for the account, properly showing the date the fund became mine (3/28/16), the date of redemption (5/20/16), identifying it as a Long Term loss and shows the aforementioned loss ($356).
The 1099B, however, is listed with my mother's name, followed by the letters "DCD TOD", which I assume reflects that she is deceased and the account has been transferred on death. It also shows only my mother's SSN.
How do I enter it on my taxes if the IRS received its copy of the 1099B under my mother's SSN? Will the name "DCD TOD" trigger them to expect to receive the information from me? I'm sure if it was a $356 GAIN, they would want their share.
Thank you for any help! Our local IRS office is closed, and this is the only issue I am having with my usual self-prepared taxes.
Federal Taxes: Inherited Acct 1099b but It Lists Decedent's Name (+"Dcd Tod") and Ssn How to File
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