Solved: Why does Form 8949-B Worksheet demand a Cost or Ad...
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Why does Form 8949-B Worksheet demand a Cost or Adjusted Basis when all amounts are positive or blank?

I downloaded my 1099-B from Broker and Form 8949 was automatically generated, But now Turbo's Federal Review keeps asking for positive amounts to be entered in Cost Basis field when all entries are either positive or blank.
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Employee Tax Expert

Why does Form 8949-B Worksheet demand a Cost or Adjusted Basis when all amounts are positive or blank?

You need to report the cost basis of assets sold, as that amount is used to determine your gain or loss on sale. If the entry is blank on your form 1099-B, that may mean the amount is $0, but it could also mean it was not entered because the broker did not know what the amount was. So you may want to do some investigation to determine what the actual cost basis was as it may reduce your capital gain.

 

To get past the error in TurboTax, you should enter $0 for the cost basis if that is what it is, rather than leave the entry blank. 

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1 Reply
Employee Tax Expert

Why does Form 8949-B Worksheet demand a Cost or Adjusted Basis when all amounts are positive or blank?

You need to report the cost basis of assets sold, as that amount is used to determine your gain or loss on sale. If the entry is blank on your form 1099-B, that may mean the amount is $0, but it could also mean it was not entered because the broker did not know what the amount was. So you may want to do some investigation to determine what the actual cost basis was as it may reduce your capital gain.

 

To get past the error in TurboTax, you should enter $0 for the cost basis if that is what it is, rather than leave the entry blank. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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