JohnB5677
Expert Alumni

Investors & landlords

You developed your own personal workaround.  Well done!

  • The "noncovered" designation is correct.  Provided they were all Short Term that section is perfect.
  • You correctly stated "I need to correct the cost basis" as opposed to just changing the original entry.  This will be noted to the IRS, but it won't be a trigger indicating incorrect information.  Please keep a copy of how you gathered the adjusted cost basis in the event the IRS questions it.
  • Finally, the selection of "Various" is acceptable because you've already designated the transactions as Short Term.

 

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