The taxable amount for Capital Gain is your Profit or Loss, not your proceeds. If it seems that you are being taxed on proceeds you should go back and be sure that the Cost Basis has been posted.
If the 1099-B does not have the Cost Basis you should follow these steps:
If it is blank, leave it blank. (This will match the 1099-B posting)
- Scroll to the bottom of your 1099-B entry screen
- Check the box for The cost basis is incorrect or missing on my 1099-B
- On the new screen None of these apply.
- I know my cost basis and need to make an adjustment.
- Enter your actual Cost Basis
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