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kandy-52
New Member

1099B shows proceeds (box 1d) not reported to IRS for principal payment. I don't have the cost basis or date acquired. Do I report this on my tax return?

 
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Anita01
New Member

1099B shows proceeds (box 1d) not reported to IRS for principal payment. I don't have the cost basis or date acquired. Do I report this on my tax return?

If you are receiving a return of prinipal, you do not need to report it, but you needn't worry about the date and amount.  If it's a return of principal, meaning what you paid originally, then your cost basis is the same as the proceeds.  The date wouldn't matter, it could be anything because the date is only used to determine if it's taxed as a long-term or short-term holding period. Since you owe no tax on this, the holding period doesn't matter.

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1 Reply
Anita01
New Member

1099B shows proceeds (box 1d) not reported to IRS for principal payment. I don't have the cost basis or date acquired. Do I report this on my tax return?

If you are receiving a return of prinipal, you do not need to report it, but you needn't worry about the date and amount.  If it's a return of principal, meaning what you paid originally, then your cost basis is the same as the proceeds.  The date wouldn't matter, it could be anything because the date is only used to determine if it's taxed as a long-term or short-term holding period. Since you owe no tax on this, the holding period doesn't matter.

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