How do I record bonds and CDs that were transferred in kind from my parents account to my account?

kmmccain

I inherited investments from my parents. Bonds and CDs were transferred to my account in kind. I cannot figure out how to add them like I added the stock that was transferred. Thanks for the help!

NotACPA

re: price.  I'd use the value assigned by the executor of the estate to your inheritance.  That is probably the "tax cost", but double check.

re: date acquired.  I'd think that it would be the date of your inheritance (and thus the date of the "tax cost"), but you'd need to consult with someone more familiar with inheritance laws than I am.

I suspect that the valuation difference is because you haven't downloaded any current Quotes/prices for the bond ... but unless those come from your broker, I'm sorry but I don't know how to do that as I don't own individual bonds.

NotACPA

How did you add the stock?  Probably with an "Add Shares" transaction.

The bond & CD transactions work pretty much the same way ... except that you should review Q Help about some of the quirks involved in buying bonds ... because you'll need to "pretend" that they're shares.

kmmccain

Thank you. yes I used the Add Shares transaction for stock. I added a bond with the add share just now pretending it was shares so I see what you are saying.

The receipt value to my account is different than the tax cost. Do I use the tax cost for the price?

Also I do not have information on the date the bond was first acquired in my parents' account but I don't know if that matters.

 Again thanks

NotACPA

re: price.  I'd use the value assigned by the executor of the estate to your inheritance.  That is probably the "tax cost", but double check.

re: date acquired.  I'd think that it would be the date of your inheritance (and thus the date of the "tax cost"), but you'd need to consult with someone more familiar with inheritance laws than I am.

I suspect that the valuation difference is because you haven't downloaded any current Quotes/prices for the bond ... but unless those come from your broker, I'm sorry but I don't know how to do that as I don't own individual bonds.