If the basis is not reported to the IRS, the IRS will apply zero basis. If the TOTAL gain loss is $3.50 on ONE transaction you would probably be okay. However, if the total is $3.50 and there are multiple transactions, you should amend to show the total. If the IRS audits, they will only pick up the gain transactions on the 1099-B so you may get a bill for that amount. While you will be able to respond and show the amount, it is better to do it now to avoid interest and penalty.
@merrimana
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