maglib
Level 10

Investors & landlords

@ravileos  this happens quite frequently and 1099 data is often wrong.  It will not raise any red flags with the IRS. You may ask your broker to issue a new 1099 but, they probably won't.

If you type the 1099-b in yourself which I always highly suggest, after entering there will be a screen "select any less common adjustments that apply"

You will choose both

"the reported holding period (Short term) is incorrect" and

"The cost basis on my statement is incorrect" where a box will allow you to enter the correct cost basis. 

Or if you imported them:

  1. On the Review your sales screen, select the pencil icon next to one of your sales
    • You may not see this screen if you chose to enter your 1099-B another way
  2. On the Now, enter one sale on your 1099-B screen, check the box next to The cost basis is incorrect or missing on my 1099-B and select Continue
  3. On the Let us know if any of these situations apply to this sale screen, check the box next to None of these apply and select Continue
  4. On the We noticed there's an issue with your cost basis… screen, select I know my cost basis and need to make an adjustment and enter the amount
    • You can find your adjusted cost basis on a supplemental form provided by your financial institution. It’s usually available by mid-February along with Form 1099-B
  5. Select Continue

 

**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer"
I am NOT an expert and you should confirm with a tax expert.