Gordon's Tip of the Week: Nov 20, 2015

If you inherited a monetary payout from the sale of stock shares, those proceeds are taxable and must be reported on your tax return the following year. You will receive form 1099B in January to show that amount. You will use the fair market value of the stock on the date of the death as your cost basis. You will report the sale of that stock on form 1040 schedule D ( Capital Gains & Losses).