- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
You will use them both in that you will report the original basis, that is, the $13,300.02. Enter that amount in the appropriate box in TurboTax. Then you will see a screen which will give you the option to adjust/correct your basis. On that screen you will enter the cost basis as reflected on the Supplement you received.
You tax return should reflect your original cost basis, plus the difference between the original and the supplement expressed as an adjustment. The cost basis used to report a gain or loss will be the amount on the Supplemental form you received. By reporting your original cost basis to the IRS, your return will accurately reflect what the IRS received. However, your return will also accurately reflect the adjustment that was made in light of the information you received in the Supplemental form. Keep your Supplemental form so you can justify, if requested, the adjustment you made to the original cost basis.
@narayan-1979
**Mark the post that answers your question by clicking on "Mark as Best Answer"