How to assign cost basis on inherited stocks
I retired the same month I inherited stocks from my dad (this timing was not planned!) Dad's stocks were well-chosen, mostly decades ago, and paid him good dividends. This has also been a volatile time in the stock market, and some of them have lost value since he died in June 2022. I understand that I can assign the cost basis for individual stocks to be either the day he died or 6 months after. What should my strategy be? Do I want a lower cost basis or a higher one? Dad did an excellent job with his investments, but I will definitely be changing some of them, once I get my footing in all this. This is the last year I will have an income from employment, which I believe will be about $75,000.
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