355140
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I have a substantial gain in Box E Long term sales with cost basis NOT reported to the IRS,why is gain reported but not cost basis? the amount made me now owe on taxes.

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

I have a substantial gain in Box E Long term sales with cost basis NOT reported to the IRS,why is gain reported but not cost basis? the amount made me now owe on taxes.

You must have paid something for the stock--this is where you may have to do a little investigative work.

If you don't record cost basis, you have to pay taxes on the whole sale.

You may be able to do an internet search for the date acquired and the stock name.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question