1099-B does not have required boxes filled in

[Thom3]

I received a 1099-B form for the sale of 1 share of stock.  The share was a benefit of a life insurance policy and not purchased by myself.  The 1099-B does not include an entry for the cost basis, date acquired,  type of gain or loss, or state identification.  2 of these boxes are required to be filled out in Turbo Tax when entering the 1099-B form so I am stuck.  The software tells me that the return cannot be sent in without this information which I do not have.

[DianeW777]

It sounds like this share of stock does not actually have a cost basis, which is normal in this situation.  You should use the word various for the date acquired or a date that will indicate the holding period. If you held the policy for more than one year be sure your date is more than one year from the sale date.

Type of gain or loss is indicated by the holding period.

• Long term is a holding period of more than one year and receives capital gain tax treatment (0%, 10%, 15%, 20% depending on your regular rate of tax)
• Short term is a holding period of one year or less and receives ordinary gain tax treatment (your regular rate)

This will allow you to complete your return.

[Thom3]

I will use various for the date acquired field as that makes sense.  The time period is more than a  year so that is also not a problem.  But still I have no cost basis and that field is required.  As this was slowly acquired via a life insurance policy I did not directly buy the stock although I'm sure it was funded via my premium.  Would $0.00 be the basis?  I cannot seem to leave it blank, although the field is blank on the 1099-B received.

[DianeW777]

My suggestion is to enter $1 as the cost basis unless you can get other information from the insurance company.  This will allow you to move forward with the sale and report the income.