The basis of your inherited account is the basis at either the:
- Date of death or
If the estate qualifies for the "alternate valuation" date election, and the executor
makes the election, the valuation date is 6 months after the date of
The tax consequence will be that you will have long-term capital gains or losses upon the sale of the securities, if and when you sell them.
I have a question, though: how have any dividends and capital gains distributions been reported in the 2 years since your mom's death? Has the estate been open that long? You may need to check and make sure that this information has been reported on either the estate (simple trust) tax return, in which case they would have passed on to your income tax return, or on your tax return outright.
Good luck and I hope this helps!