turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Ask the Experts All About the Refund! >> Event happening NOW!!!!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

1099B box 6 has an X instead of a value. How do I correct that?

 

I transferred some Nokia shares from a brokerage in Europe to my broker in US (like an ESPP).  There was a 20 Euro transfer fee.  The broker in EU sold some of my shares to pay for the 20 Euro transfer fee.  A couple of weeks a go, I received  a 1099B for the shares sold, the cost basis was shown as 0, and the Net Proceeds Reported to IRS (Box 6) had an X instead of an amount.

Questions:

  1. Can I somehow claim the 20 Euro fee as part of this 1099B, or in some other way?
  2. I think I can figure out my cost basis (not including the transfer fee), but how do I enter such changes to the 1099B myself?
  3. A separate question: when some small amount of cash (cash remainder from the sale to cover the above transfer fee) was transferred to my bank account from the EU broker, my bank charged a $15 transaction fee.  Is that somehow deductible? If yes, how/where?

 

Thanks!

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
JosephS1
Expert Alumni

1099B box 6 has an X instead of a value. How do I correct that?

I will try to answer your questions in the order posed.  First, regarding Box 6.  Box 6 is only an informational box reporting on the 1099B to the IRS as to whether the amount reported to the IRS was the Gross proceeds or the Net proceeds.  Copy of 1099B below.

 

The transfer fee can be added to the cost basis of the sale or as an expense of sale to reduce the sales proceeds.

 

You can, when entering the capital transaction, adjust the cost basis through the steps highlighted below to enter the changes you need to make.

 

The cash transfer fee, if it was part of the sales transaction, can be stated to be part of the sales expenses.

 

The screen below shows where you can adjust the basis of the capital item sold, the numbers are for example purposes only:

 

 

 

 

 

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

3 Replies
JosephS1
Expert Alumni

1099B box 6 has an X instead of a value. How do I correct that?

I will try to answer your questions in the order posed.  First, regarding Box 6.  Box 6 is only an informational box reporting on the 1099B to the IRS as to whether the amount reported to the IRS was the Gross proceeds or the Net proceeds.  Copy of 1099B below.

 

The transfer fee can be added to the cost basis of the sale or as an expense of sale to reduce the sales proceeds.

 

You can, when entering the capital transaction, adjust the cost basis through the steps highlighted below to enter the changes you need to make.

 

The cash transfer fee, if it was part of the sales transaction, can be stated to be part of the sales expenses.

 

The screen below shows where you can adjust the basis of the capital item sold, the numbers are for example purposes only:

 

 

 

 

 

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

1099B box 6 has an X instead of a value. How do I correct that?

Thank you @JosephS1 !

Just a couple of questions:

1.  Do I mark  form 7979 as CORRECTED? I assume yes, since I will need to make corrections.

2.  I don't think that the "transfer fee" posted by my bank when receiving the money from the foreign bank broker can be claimed as part of the sale.  Is there another way to claim bank transfer fees or even other bank fees like not keeping enough money in a checking account?

 

Thanks again for the details and your quick response!

MarilynG1
Expert Alumni

1099B box 6 has an X instead of a value. How do I correct that?

No, you enter the 1099-B as issued, then make yourown adjustments, so no need to mark the 1099-B as 'Corrected'.  This refers to if you received a corrected 1099-B from the broker.

 

The transfer fee is a legitimate adjustment to the Sales Proceeds.  The fee adjusted the amount the amount you actually received (if different than what is reported on 1099-B).

 

Unless you have a Business of some type, bank fees are not deductible.

 

@Imnotsure2 

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies