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Business & farm
Thank you so very much for you instant response with very clear answers for my questions! Deeply appreciated!
First, my 1009-B had listed this transaction as other regular transactions, followed the formula you gave previously, [sales price] - [purchase price]. Nothing more.
Secondly, based on your advice, I guess my final gain/loss will be [sales price] - [purchase price] + [Cumulative Adjustments To Basis in Sales Schedule] (negative number). Basically it will be the Gain or Lost amount in my 1099-B, plus [Cumulative Adjustments To Basis in Sales Schedule] (negative number), for this transaction.
In order to correct the cost, I need manually adjust extra [Cumulative Adjustments To Basis in Sales Schedule] on Cost or Other Basis for this transaction on Turbo Tax. Am I right?
Again, thank you very much for your professional advice with prompt response! You do help me at all!
First, my 1009-B had listed this transaction as other regular transactions, followed the formula you gave previously, [sales price] - [purchase price]. Nothing more.
Secondly, based on your advice, I guess my final gain/loss will be [sales price] - [purchase price] + [Cumulative Adjustments To Basis in Sales Schedule] (negative number). Basically it will be the Gain or Lost amount in my 1099-B, plus [Cumulative Adjustments To Basis in Sales Schedule] (negative number), for this transaction.
In order to correct the cost, I need manually adjust extra [Cumulative Adjustments To Basis in Sales Schedule] on Cost or Other Basis for this transaction on Turbo Tax. Am I right?
Again, thank you very much for your professional advice with prompt response! You do help me at all!
‎June 3, 2019
10:30 AM