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Get your taxes done using TurboTax
Regarding "doing something with the adjusted cost basis", yes, you need to calculate your adjusted cost basis.
- The 1099-B form has your "cost" basis and you need to adjust it by the price or cost on the date of sale which will result in a zero or minor loss per my instructions in my original answer.
- Note: Do not change the proceeds amount. That is reported to the IRS and must match the figure they have.
My original instructions:
- Change the stock cost or other basis on the date of the sale, to the price on the date of sale.
- The result is zero gain or a minor loss due to brokers commission/fees.
- The IRS will expect to see that information on your tax return.
Currently, as you enter your 1099-B form, Box 1e in TurboTax reads, Cost or other basis. The "other basis" is your adjusted basis. It's not reported as a separate item.
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‎February 23, 2022
5:36 AM