I had some company stock that my company gave me probably in 2007 or so, when I was working. I have been retired since 2009 It has really done very badly and lost value to the tune of about $10k. I sold it last year to simplify the number of accounts I have, for only $2k. Morgan Stanley sent me a package of tax details summarized below
They reported it on a 1099-B Consolidated Tax Statement
1d Proceeds $2004.59
Covered securities $0
Non Covered Securities $2004.59
1e Cost basis for covered securities is $0
Later on in the Morgan Stanley paperwork it has 1099 Copy B for Recipient. In that one it shows the cost basis in column E
1099 B Long Term Noncovered Securities
Box 1d (basis reported to IRS) $0
Box 1e (basis not reported to IRS) - $10,555.82 on proceeds of $2004.59
My question is, am I allowed to claim the basis for my personal taxes. If I report that it shows a loss of 8k plus, which reduces my tax bill. Am I allowed to use the cost basis this way?
