Investors & landlords

Yes, a fix is needed. As things stand, TT CANNOT usefully download from TDAmeritrade, so the option to do so should be removed. If there is a routine fix, TT should be able to do it from the downloaded forms. OR, TT could create a routine that allows all transactions with negative cost and zero proceeds to be AUTOMATICALLY recast with positive proceeds with zero cost.  Identifying those transactions is easy; the error tracker already does it. Just add a "Convert to IRS format" option in the error correction dialog.

 

The fix must not defeat e-filing. Last year I went through the entire e-filer rigmarole only to be told at the very end that my state won't accept an e-file with a corrected basis.