The brokerage issued this 1099B with no basis reported. Unless you have any historical data regarding your basis, you will need to leave it as zero, resulting in a capital gain for that transaction.
Hi Dave,
Thanks for responding. I do have historical data, and I know the exact cost basis. My question is how do I input it into Turbotax, since it says to leave the 1099-B Box 1e field as $0, and says I will be able to fix it later. But it never lets me fix it, even after the final review. I have checked the box saying the cost basis is incorrect or missing.
The exact help comment is this:
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Note: The cost basis on your 1099-B may be $0. Or, you may have received a $0 value from your import. Keep it at $0 for now. We’ll help you adjust the value later.
If you’re unsure of your cost basis or know that it’s incorrect, check the box The cost basis is incorrect or missing on my 1099-B.
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Can you clarify a few points? Is this a regular stock sale, or some type of employee stock plan?
What is the Holding period, A, B, C, D, E or F?
If your Holding period, otherwise known as Form 8949 check box, is something other than A or D, you can correct your basis on the 1098-B input screen.
It was E. But instead of "Long-term basis not reported to IRS", the 1099-B had been uploaded to Turbotax with "Unknown term basis not reported to IRS", and I think because of that it didn't give me the option to fix the cost basis. So when I deleted that 1099-B and typed in a new 1099-B myself choosing "Long-term basis...", it gave me the option to fix the cost basis.
Thanks for your help!!!