TurboTax keeps directing me back to the 1099-B, but I cannot complete it because there is no cost basis (says "unknown"). my 1099-B says transactions for the basis is not reported to the IRS and the term is unknown should be reported on Form 8949 or Schedule D, Part I or II, but I cannot access these forms.
Form 8949 and Schedule D are automatically created in TurboTax when you enter your Investment Sale.
If you enter a Cost Basis as $0 (if you can't determine an amount), all the Sales Proceeds on your 1099-B are considered Capital Gain or Loss on Schedule D.
Here's are some tips to help you find your Cost Basis, whether you sold or inherited your stock:
Tips not showing in Link. How do I get to transactions to enter correct cost basis for unknown term transactions ?
Let me clarify. I have LP Stock transactions where the cost basis was unknown and i need to enter amount. Where do I enter cost basis from K1 and how do I get there ?
Were you able to get past this? If not, can you clarify your question even further? What cost basis do you have on your K1?
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