Employee Stock Ownership Plan (ESOP) from 1980's. No cost basis shown in Box 5, 1099-B.

Last year I sold all shares I got from an ESOP program with GE. I have had these shares since I quit the company in the 1980's. Cost basis is listed on partial shares that were dividends since 2011, but a significant amount is shown in Box 5 as Non-covered securities with no cost basis shown. Must I report all this income from sales and show zero basis? This results in significant tax.

436

Expert Alumni

Feb 29, 2024 4:16:40 PM

You have to report something for the cost basis, and zero is an option. If you can't determine a cost basis, or at least determine the minimum cost basis it could be, zero is really your only option. I recommend you contact GE Investor Relations (you can get their contact information online) and/or the human resources department to request some help in determining your cost basis.

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Employee Stock Ownership Plan (ESOP) from 1980's. No cost basis shown in Box 5, 1099-B.