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Level 2
March 8, 2023
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1099-B with no cost basis

  • March 8, 2023
  • 1 reply
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On form 8949 if I check Box B on Part 1 and I use Code B in column (f)  -  do I put the cost basis is column (g)?  Turbo Tax Premier is not allowing me to do this.    Per instructions from Deloitte this is correct.

 

If I read IRS instructions for form 8949 it shows this for Code B:    You received a Form 1099-B (or substitute statement) and the basis shown in box 1e is incorrect

 

Do:   If this transaction is reported on a Part I with box B checked at the top or if this transaction is reported on a Part II with box E checked at the top, enter the correct basis in column (e), and enter -0- in column (g).

 

is column (e) or (g) correct?

    Best answer by Mike9241

    follow the IRS instructions

    Do: If this transaction is reported on a Part I with box B checked at the top or if this transaction is reported on a Part II with box E checked at the top, enter the correct basis in column (e), and enter -0- in column (g).

     

    personally, with type B and E transactions meaning the cost basis is not reported to the IRS, I put the correct cost in column e if needed and enter no code in column f or anything in column g

    1 reply

    Mike9241Level 15Answer
    Level 15
    March 8, 2023

    follow the IRS instructions

    Do: If this transaction is reported on a Part I with box B checked at the top or if this transaction is reported on a Part II with box E checked at the top, enter the correct basis in column (e), and enter -0- in column (g).

     

    personally, with type B and E transactions meaning the cost basis is not reported to the IRS, I put the correct cost in column e if needed and enter no code in column f or anything in column g

    fanfare
    Level 15
    March 8, 2023

    refer to the Instructions for Form 8949.

    It tells you how to use code B, and when you should put an amount in column (g).

    It is not personal preference.

     

    @JPquestion