The IRS will not accept a negative cost basis.
If the issuer of the IRS form 1099-B does not report a basis, the taxpayer must determine the basis from their records or sales tickets.
In TurboTax Premium Online, when entering the cost basis:
- Select The cost basis is incorrect or missing on my 1099-B. Continue.
- 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.
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