Solved: On 1099-b form my cost basis is blank, what should I put? I cashed out a small account I have had since I was a child and the amount of 1,083.68 doesn't have a cost basis
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

On 1099-b form my cost basis is blank, what should I put? I cashed out a small account I have had since I was a child and the amount of 1,083.68 doesn't have a cost basis

 
1 Best answer

Accepted Solutions
New Member

On 1099-b form my cost basis is blank, what should I put? I cashed out a small account I have had since I was a child and the amount of 1,083.68 doesn't have a cost basis

If you enter "0" as the cost basis, you will owe tax on the entire amount of proceeds (long-term capital gain).

If you can make a good-faith estimate on what was paid for the securities you sold, it will lower your tax on the proceeds.

You can research this online. One option is the Yahoo Finance website at: http://finance.yahoo.com/q/hp?s=YHOO

You will have to enter the stock symbol (“Get Historical Prices for: _________), and a date range.

This article provides additional information that might be helpful:

https://ttlc.intuit.com/replies/3300454


View solution in original post

1 Reply
New Member

On 1099-b form my cost basis is blank, what should I put? I cashed out a small account I have had since I was a child and the amount of 1,083.68 doesn't have a cost basis

If you enter "0" as the cost basis, you will owe tax on the entire amount of proceeds (long-term capital gain).

If you can make a good-faith estimate on what was paid for the securities you sold, it will lower your tax on the proceeds.

You can research this online. One option is the Yahoo Finance website at: http://finance.yahoo.com/q/hp?s=YHOO

You will have to enter the stock symbol (“Get Historical Prices for: _________), and a date range.

This article provides additional information that might be helpful:

https://ttlc.intuit.com/replies/3300454


View solution in original post

Dynamic Ads
v
Privacy Settings