If you received a form 1099-B, you need to report the cost basis and sale amount that applies to it on your tax return. The IRS will receive a copy of it and look to find the entries on your tax return. If there are sale proceeds listed on the form 1099-B but no cost basis, the IRS will assume the sale amount is a taxable gain and you will receive an assessment sometime down the road for the taxes applicable to it.
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