On my 1099-B for Cost or Other basis and Date Acquired it says "N/A" what should I enter while filling my returns?

Find your original documents when you purchased the stock. You would enter your cost when you purchased the stock and the date you purchased the stock. 

 

If you don't know the amount or date or have the documents from your purchase, see How do I find a stock's cost basis?

 

 

Thank you for the response. My brokerage said this is an "

Unknown Term transaction to be assigned Code X for reporting on Form 8949" If this is unknown term transaction how do I 

classify

 it as Short term or Long term? Appreciate your help.

You will classify it based on your holding period.

1. Long term if the investment has been owned by you for more than one year, or (use date of 'v' and Sale category of Long term noncovered)
2. Short term if the investment has been owned by you for less than one year (use date of 'v' and Sale category of Short term noncovered)

Note:  Brokers are required to show 'noncovered' if they do not have the information about the cost basis or holding period. This happens usually for one of two reasons.  

1. The fund or stock was transferred to them from another broker and they don't have the history; or
2. It was held with them for longer than the IRS began to require this information from the broker. The owner of the investment was always required to have this information in the past.

Go to the investment sales in question and make the necessary entries for holding period and acquired.

• Search (upper right) for 1099b > Click the Jump to... Link > Edit or Add your sale 

@adu221183 

[Edited: 04/14/2022 | 6:18a PST]

Yes my 1099-B form has below - 

Box 5 - checked (for non covered security)

Box 12 - checked (basis not reported to IRS)

I am with the same brokerage so as mentioned by you the only reason "X" is marked on 1099-b is may be because - It was held with them for longer than the IRS began to require this information from the broker.

 

If this is the case then I think I can safely select long term with acquired date as Various.  

For cost or Other Basis my 1099-B says "N/A" so is it ok if I select "Cost Basis is incorrect or missing on my 1099-B"

Appreciate your response. Thank you for the help.

Yes.  You should select cost basis is incorrect and add your correct cost for the stock and select your correct holding period. You are exactly right, that change in the tax law is why they do not have the records to supply the cost.