Incorrect 1099B

[tkoin1]

If I added up all my cost it would be 3093.31 but the cost basis shown on 1099b shows 594.64. I contacted the brokerage and they said their number is correct because of several reverse splits and cash in leu (which is 0). The proceed of the sale is 0.65. What is the best way to fix this?

[DaveF1006]

You would enter the amounts that are reported on the 1099B as is.

[tkoin1]

but it is incorrect.

Also, the cost basis when I added up myself matches with the cost basis I screenshot from the app right prior the sale. No idea how they calculate that number in the 1099B

[ThomasM125]

If you are sure you know the correct cost basis, you should enter the Form 1099-B as it is stated. When you enter the sales proceeds and cost basis in TurboTax, there is an option to enter a corrected cost basis if the one reported on the Form 1099-B is incorrect. Just click on the box that says the cost basis is incorrect or missing on my Form 1099-B:

[tkoin1]

If date acquired is various (several purchase on several dates) Which date do i put down as acquired date?

[ThomasM125]

Pick a date that will give you the proper treatment as to the holding period of long-term (held more than one year) or short term (held one year or less).

[tkoin1]

So I should pick the latest date purchased correct? All shares sold are long term by the way.

[tkoin1]

Is it considered worthless securities. The ticker is INPX and the value had dropped over 99.9% since i bought them.

[JamesG1]

Your investment may qualify for treatment as a nonbusiness bad debt.  See discussion here.    

The unpaid debt must be 100% worthless before you can deduct it. There must be no chance that you will recover the amount of the investment.  Make sure that you retain all paperwork to substantiate the loss.

To report In TurboTax Online Premium, 

• Enter 'nonbusiness bad debt' in the  Search microscope in the upper right hand corner of the screen.  Enter.
• Select 'Jump to nonbusiness bad debt'.  
• Then follow the directions.

The loss will be reported as a short-term capital loss, so you must first deduct it from any short-term capital gains you have before deducting it from long-term capital gains.  Finally, you can deduct up to $3,000 of any remaining balance from other income. If a balance still remains, you can carry it over to subsequent years.

[tkoin1]

Since I already sold it I don't think I can consider it a debt (I got 55 cents out of over 3k investments lol). Just wondering if I should select the box that say the security is worthless or "none of these apply". 

For the nonbusiness bad debt. Can it be applied to crypto that is no longer supported by my crypto app and there is no way to sell it. If it's bought over 1 year ago, why would it be considered short term capital loss?

[MarilynG1]

The security has to be considered 'worthless' to qualify as a non-business bad debt.  Here's more info on Non-Business Bad Debts. 

 IRS regulations state that a Non-Business Bad Debt is reported as a short-term capital loss, no matter how long it was held. 

You may be able to apply the bad debt deduction to crypto.  Here's info from Cointracker you may find helpful. 

@tkoin1