what is the cost basis of an inherited ira
Inherited IRAs. If you inherited an individual retirement account (IRA), you may have to include part of the inherited amount in your income. See What If You Inherit an IRA in IRS Publication 590-B Distributions from Individual Retirement Arrangements (IRAs) .f you took a distribution from a traditional IRA you inherited without a basis, and had no distributions from IRAs which you own, figure the taxable amount of your distribution using TaxACT through the entry of Form 1099-R. Do not complete Form 8606.