Well, generally inherited "stuff" in not a taxable event to the recipient. But are we talking about "exchange traded options", or some sort of employer stock incentive program?

This is a employer stock incentive program where I was listed as the beneficiary on. I had to exercise the option within a year of him passing. Also I have a Misc from his employer for the gain amount as well as a B from Etrade. If I enter both then I get hit twice.

The problem is that you are using the wrong basis for your report of sale. Assuming the B is only reporting the "out of pocket" amount then you would be double taxed. Once when you enter the MISC and then again whey you report the sale with a "too low" basis.

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I was the listed beneficiary on my fathers stock options.

Do I have to may taxes on these inherited stock options? Asked by ctjdenver TurboTax Self Employed Options Edit Ask for details Archive. Answer The problem is that you are using the wrong basis for your report of sale. So, I assume you've entered the MISC somewhere. Now, go to the the "Stocks. If the B is not reporting the basis to the IRS , you simply type in the correct basis in the basis box of the default entry form. And you are done. If the B is reporting the basis to the IRS and is not using the correct basis, maybe only the amount you paid for the stock , then enter the B as it reads in the spreadsheet-like "fill in the boxes" default entry form but then click on the "Add More Details" box or maybe "Edit Details" , and the "Start" button, or maybe "Edit".

On the next page select the first optio n which is to " I need to add or fix info about this sale that's on my Form B. TurboTax will report the sale on Form "as reported by the broker" but will put an adjustment figure into column g of the Form, a code "B" into column f of the Form, and the correct amount of gain or loss which includes the adjustment.

If this is a "same day" sale then the most common result from entering the sale is a small loss due to selling commissions and fees.

I've given this same advise repeatedly and posted a pictorial step by step guide, for the sale of stock acquired via an RSU, but the process is applicable to any employer incentive stock plan sale , here https: Was this answer helpful?

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