HelenC12
Expert Alumni

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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