The 1099-B from Fidelity contains wrong cost basis and proceeds for my covered call stock options in my personal brokerage account.
For example, let's say I
Sold to open at $10, so I received $1000.
Brought to close at $5, so I paid $500.
The gain is %500. I am ignoring fees to keep it simple.
However, in 1099-B, Fidelity listed
Cost basis $0, and Proceeds $500. Gain is $500.
"Gain" remains the same, but reported cost basis and proceeds are wrong. I believe the total cost basis and proceeds are also reported in 1099-B to IRS?
I can thing of a few things to do:
1. Do nothing and import/enter what's wrong Fidelity.
2. Make correction to use my recorded cost basis and proceeds. Gain would remain the same, but total cost basic and proceeds will be different. Though, would that potentially cause headache ahead as my cost basic and proceeds are different from Fidelity's 1099-B to IRA?
What is best practices in this case?
