mbe24

In June 2023, I received an inheritance from my grandmother, who was a US citizen and lived in the US.
As part of this inheritance, I received an investment portfolio. I'm trying to report capital gains I have received from this investment portfolio, but I'm not quite sure how to do the calculations. Many of the stocks that have been sold have an acquisition date that precede my ownership of the portfolio.
Do I use that acquisition date and the value the stocks had at that date when calculating my capital gain?
Or do I use the date of transfer (June 2023) and the value of the stocks had at that date?
Thanks for your help!

Hello, I am a US citizen who lives and works in the UK. Last year, my US grandmother passed away and left me a sizeable US investment portfolio. I am now trying to report the capital gains of this investment portfolio in the last year. When reporting my capital gains, I have been converting USD to GBP by using the published exchange rates listed for the dates the transactions took place. However, because some of these investments are quite old (oldest from 2004), the exchange rate has changed quite a bit between then and now, and it is resulting in discrepancies between my gains and losses in USD and the resulting gains and losses in GBP. I want to claim an allowable loss, because I did not make a net profit on my investments this year. However, when I convert everything into GBP, and subtract the original share price from the amount they sold for, the calculations indicate that I made a small net profit, because the exchange rate is more favourable for USD than it used to be. This is not an accurate portrayal of my US finances - what should I do? Can I still claim an allowable loss? Should I do my conversions and calculations differently? Thank you for your help!