It would seem this could be reported as an investment sale instead of 'Other Income'. Follow the steps below to enter your investment sale and use the fees as a cost basis. Be sure to use the appropriate holding period of the original stock. Keep the 1099-MISC in your file and if you did enter it you should delete it using the appropriate link below.
- You'll need to delete this form 1099-MISC-.
- If you're using TurboTax Online software and need to delete a form, click here.
- If you're using TurboTax Desktop software and need to delete a form, click here.
Holding Periods:
- Long term is a holding period of more than one year (one year plus one day) and receives capital gain tax treatment (0%, 10%, 15%, 20% depending on your regular rate of tax)
- Short term is a holding period of one year or less and receives ordinary gain tax treatment (your regular rate)
To enter your sale in TurboTax, follow these steps. Click this link for more information. Where do I enter Investment Sales?
- Open or continue your return.
- Navigate to the investment sales section:
- TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
- TurboTax Desktop: Search for investment sales and then select the Jump to link.
- Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
- Answer Yes to the question Did you sell any of these investments in 2024? (or Okay! to Time to kickoff your investments!).
- If you land on the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.
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