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Investors & landlords
Your description of what you're seeing is confusing and hard to follow, though it's clear that you're looking at a 1099-B.
Here's a suggestion: DELETE everything you have entered with respect to the Schwab 1099-B and instead "import" the 1099-B into your mother's income tax return. Schwab seems to be pretty darn good in coding the imported TXF file properly and that should at least get the "proceeds" portions of the 1099-B properly sorted out and lodged into the correct spots along with basis numbers that ARE being reported by Schwab.
I do believe you're going to have to come up with some basis numbers as a "Category E" sale means "basis not reported." If finding the correct basis figures seems impossible then the first thing to try is to enter a basis of $0, which TurboTax will accept. If mom's in the lower two tax brackets then Long Term Capital Gains are taxed at 0% and in that case entering $0 as the basis is fine; going to the effort to try and come up with a "correct" basis figure will give you no "tax benefit."
Here's a suggestion: DELETE everything you have entered with respect to the Schwab 1099-B and instead "import" the 1099-B into your mother's income tax return. Schwab seems to be pretty darn good in coding the imported TXF file properly and that should at least get the "proceeds" portions of the 1099-B properly sorted out and lodged into the correct spots along with basis numbers that ARE being reported by Schwab.
I do believe you're going to have to come up with some basis numbers as a "Category E" sale means "basis not reported." If finding the correct basis figures seems impossible then the first thing to try is to enter a basis of $0, which TurboTax will accept. If mom's in the lower two tax brackets then Long Term Capital Gains are taxed at 0% and in that case entering $0 as the basis is fine; going to the effort to try and come up with a "correct" basis figure will give you no "tax benefit."
‎June 1, 2019
8:18 AM