ragsns
New Member

Investors & landlords

Hi MarilynG1:

 

Running outta time here :(

 

When you have a Cost Basis other than $0, your gains should go down, so if anything your tax should go down also.

 

That's the part that I indicated was counter intuitive. What we did was go back to when all the cost basis was recorded as zero and added a cost basis for one of the line items and we immediately saw the taxes owed tick up as we expected and saw.

There is no doubt that TT is indeed ignoring the ones imported with a zero cost basis which seems odd. Wish we could submit without entering the cost basis which would significantly reduce our tax burden 🙂

 

> Since you imported this info, you should delete your import and combine all these types of transactions into a one-line manual entry, and avoid all the editing.

The editing (albeit painful) has been long done.

 

I am not sure this will reduce the tax burden anyway if we make it a one line entry since it will be a consolidation of the multiple lines anyway (if we do it right).

 

Thanks!

 

@ragsns