I imported a 1099-B with 11 long term transactions (for .05 cents each! It is .55 cents total!) that say to report on Form 8949 Part II with box F checked (which means no 1099-B received).
The quantity sold is 0.000 and the cost basis is 0.00 with date acquired as various. The additional information column says "Total of 5 transactions" for each of the 11 line entries. The security is O, a REIT.
I am getting an error for not putting a basis. Thoughts on how to proceed?
These appear to be fractional shares. The income total will be rounded up to $1.
You may have to refer to your personal records including sales tickets to locate the cost basis information that is needed. Or you may elect to report a cost basis of $0 or $1.
Return to the IRS form 1099-B entry into TurboTax Premium Online. Make the following selections.
Thanks for the reply! I didn't order these sales, apparently they were generated by the internal operations of the security, "O" which is a REIT. So I don't have any records, I did not place any orders for this action and the quantity sold is 0.000. With a quantity of 0.000, I can't even use a general cost basis on total holdings using an average.
I tried to enter 0.00 as the basis (and various as the date acquired) but I am receiving an error implying that a cost basis of 0.00 is not allowed. If I claim some other random value, like a $1, I will generate a capital loss when there isn't any.
In your step 3, if I enter 0.00, I still get an error.
3. "At the screen We noticed there's an issue with your cost basis, select I know my cost basis and need to make an adjustment. Continue."