Hello,
I have some questions about noncovered securities on the 1099B.
1) Since I do not want to manually calculate the noncovered security cost basis amount, I am planning to put 0 for cost basis. How would I determine if I should put "long term non-covered" or "short term noncovered?"
If all of the stocks were purchased more than a year before it was sold can I just put "long term noncovered?"
If I enter "long term noncovered" accidentally and should have put "short term noncovered" what are the risks and is there a greater risk of getting a audited as well?
2) Is the tax based on the proceeds of the sale? The summary for all the non covered securities lists proceeds as $50. If I put long term noncovered, then the amount I will be taxed will be the tax rate times $50 and that is it correct? I will not have to multiply by the number of shares etc.?
3) Does Turbotax Premier help with calculating cost basis? The only article I found was from 2019 so it is not recent.
