Manual entry of long-term cost basis

[whanig]

I sold some mutual fund shares in a trust for which I'm the trustee. I have a 1099 that shows some aggregate values (proceeds, cost basis, and so on) for long-term holdings of both funds. The shares sold were acquired before the custodian was required to track cost basis. I have detailed records (spreadsheets) showing the cost basis and historical dividend and capital gains reinvestments. The trust paid taxes on the dividends and capital gains for the years when they occurred. So, the cost basis has increased due to dividends and capital gains.

Where do I manually enter the cost basis and net sales amount for each sale? Shall I include the detailed spreadsheets?

[tagteam · Accepted solution]

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@whanig wrote:

Where do I manually enter the cost basis and net sales amount for each sale? Shall I include the detailed spreadsheets?

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You do not need to include the spreadsheets; simply add the reinvested dividends/gains to your cost basis for the shares.

[whanig]

Thanks. I figured out where to enter the cost basis and can justify if/when audited. A general observation about TurboTax, at least the Business version and using it to prepare a trust return: often, I know I need to enter a text or numeric value, but it's often difficult to determine where, either in the step-by-step process, or in what form. The online help has markedly improved as far as explaining the terms used in the interface.