No, The cost basis is the amount that you paid for the investment. If you leave it blank you will be taxed on 100% of the proceeds.
You will have to determine the basis yourself. If you have records you should use those. If not, this tool may help.
You may be able to use Historical Stock Quote Prices - MarketWatch to determine the original value.
To post a correction, leave whatever is in the original entry as it is. If it is blank, leave it blank. (This will match the 1099-B posting)
- Scroll to the bottom of your 1099-B entry screen
- Check the box for The cost basis is incorrect or missing on my 1099-B
- On the new screen, None of these apply.
- I know my cost basis and need to make an adjustment.
- Enter your actual Cost Basis
Once you enter the 1099-B transaction Form 8949 will automatically create.
