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
Close icon
Do you have a TurboTax Online account?

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

tstiles1-
New Member

I do not know sales category, date acquired, cost basis or type of gain or loss on 1099-B from. From old shares from long ago and have no information on them. Not sure how to fill out correctly.

 
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 Reply
KenH1
New Member

I do not know sales category, date acquired, cost basis or type of gain or loss on 1099-B from. From old shares from long ago and have no information on them. Not sure how to fill out correctly.

Brokerage statements will not always report the cost basis and/or sales category, even if the information is available right on the 1099-B. The IRS is receiving the 1099-B information from the broker, but is relying on you to report the correct cost basis and category.

For unreported cost basis:

Make a reasonable estimate, based on old trade confirmations or historical prices from a source such as www.finance.yahoo.com 

For unreported sales category:

If you held the security less than one year, use code C (short-term, not reported)

If you held the security more than one year, use code F (long-term, not reported)

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies