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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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March 27, 2022
7:25 AM
2,250 Views