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1099B and 1099 OID cost basis adjustment for bonds

I received a 1099B for a bond I purchased new 5 years ago. the Cost basis is $2500 and the proceeds are $2873.  The basis and net proceeds have been reported to the IRS. According to turbo tax I have to pay tax on the $373 capital gains. 

I have been receiving 1099OID for 5 years and have paid taxes on the amount. The 5 years worth of 1099OID amounts to $373. Do I adjust the cost basis on Turbo Tax to $2873 to reflect the tases I paid over the last 5 year?

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3 Replies

1099B and 1099 OID cost basis adjustment for bonds

seems logical. but normally the broker adjusts cost basis for oid. apparently not in this s case.

 

1099B and 1099 OID cost basis adjustment for bonds

How do I adjust the cost basis on turbo tax? 

HelenC12
Expert Alumni

1099B and 1099 OID cost basis adjustment for bonds

Yes, adjust the cost basis of the 1099-B.

  • Type 1099-B in the search bar and select the "Jump to".
  • On the Your investments and savings screen, scroll down to the 1099-B. select the arrow down and Edit.
  • On the next screen, enter the Cost or other basis.
  • Continue with the onscreen interview until complete. 

If this information was imported, please see How do I update or delete something I imported into TurboTax?

 

 

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