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null243
New Member

I sold covered calls on a stock and then bought them back. My brokerage firm is not reporting a cost basis. Sale proceeds = my capital gains. What is my cost basis?

 
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TomYoung
Level 13

I sold covered calls on a stock and then bought them back. My brokerage firm is not reporting a cost basis. Sale proceeds = my capital gains. What is my cost basis?

"Sale proceeds = my capital gains. What is my cost basis?"

You leave the cost basis blank since the whole transaction - Proceeds minus basis - has been compressed into Box 1d.  That's how many brokers are reporting these sort of transactions these days.  Simply enter the 1099-B as it reads and you'll be fine.

Tom Young

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2 Replies
TomYoung
Level 13

I sold covered calls on a stock and then bought them back. My brokerage firm is not reporting a cost basis. Sale proceeds = my capital gains. What is my cost basis?

"Sale proceeds = my capital gains. What is my cost basis?"

You leave the cost basis blank since the whole transaction - Proceeds minus basis - has been compressed into Box 1d.  That's how many brokers are reporting these sort of transactions these days.  Simply enter the 1099-B as it reads and you'll be fine.

Tom Young

LisaBr
New Member

I sold covered calls on a stock and then bought them back. My brokerage firm is not reporting a cost basis. Sale proceeds = my capital gains. What is my cost basis?

Cost basis is necessary to determine capital gains/losses.  You do not want to omit entering this information on these trades.  Brokerage firms will not report your basis on you options for many reasons.  If you do not have the information in your own records, the links below will help you determine the basis to report.

https://ttlc.intuit.com/questions/1899678-how-do-i-find-a-stock-s-cost-basis

https://ttlc.intuit.com/questions/3300116-how-do-i-find-a-stock-s-cost-basis-if-i-don-t-know-when-it... 

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