It's a stock liquidation. I have a gain but Fidelity and IRS do not know my cost basis. How do I list this on my taxes?
Presumably you know your cost basis?
Cash liquidation distributions pretty much act like returns of capital: you reduce your basis on your own books and records. As long as you still have basis there's no reporting required. If a cash liquidation distribution exceeds your current basis then you report that as a sale using the "Stocks, Mutual Funds, Bonds, Other" interview and telling TurboTax you didn't get a 1099-B.
Presumably you know your cost basis?
Cash liquidation distributions pretty much act like returns of capital: you reduce your basis on your own books and records. As long as you still have basis there's no reporting required. If a cash liquidation distribution exceeds your current basis then you report that as a sale using the "Stocks, Mutual Funds, Bonds, Other" interview and telling TurboTax you didn't get a 1099-B.
Tom. I have a related problem.. My TurboTax Smart Check came up with an "error": Schedule B -- Form 1099-DIV: PVT act bond int amount should be less than or equal to Box 10($0.00) amount on 1099.
The Box 10 is Noncash liquidation distributions and is 0.0. The line 12 is a positive amount. How can this be fixed?
Thanks
Lew L.
@lewleib You need to delete the zero in box 10. Box 10 should be blank.