Form 8949 worksheet

[Semper0]

I have "undetermined term transactions for noncovered Tax Lots" on my Brokerage tax documents.  I had all this information transferred from my brokerage acccount into Turbo Tax.  When I finished my taxes and initiated the "find errors" the Form 8949 worksheet spit out errors regarding date acquired, short or long term, and cost basis "for the undetermined term tranactions"  My brokerage account  has n/a for date acquired, and --- for cost or other basis, and gain/loss.  How do I add these to the worksheet to stop the error messages?   There doesn't seem to be a way to say "unknown" especially on the short/long term box.  Thx

[rjs]

You can't report the term or basis as unknown on your tax return. That's why there's no way to enter it. The brokerage reports it as unknown because they don't have the information. On your tax return you have to fill in the correct information from your own records. You're not just telling the IRS what the brokerage statement says. You have to show the actual details of the transaction, even if not all of the details are on the brokerage statement.

[Semper0]

Thank you for responding.  The brokerage firm does all the buying/selling of the items in my account.  Why wouldn't they have this information?  If the date acquired, cost or other basis, gain/loss are not reported to the IRS, why does the program need the information?   All the tax doc has is the date sold and proceeds.  All other columns are N/A or ---  The item is Grayscale BitCoin Trust ETF, if that helps.  Thx.

[rjs]

TurboTax needs the information for two reasons.

(1) It has to put it on Form 8949. It can't file the form with information missing. The IRS requires the information. You have to include it on your tax return, whether or not the brokerage reports it to the IRS.

(2) It needs the information in order to correctly calculate your gain or loss and to calculate the correct tax.

If you purchased the ETF through the same brokerage, they should have the information. Ask them if they can give it to you. They might omit it from the statement because they are not legally required to report it. (The rules for an ETF for digital assets might be different then for ETFs for stock.)