1099B

Ndot — Thu, 13 Mar 2025 21:02:14 GMT

I have a 1099B that has 3 different sales. X,D, &A. I have inputed the information on the X Sale there is no information in date acquired and nothing on cost basis. I entered It in. manually they were a gift. but the X sale keeps coming up needs to be reviewed. If I am doing It right I selected and It says that It was missing info. I put date acquired as various and saved but still saying It needs to be reviewed. That didn't change.on Form It has It as BoxE. on 1099B box 5 checked It is a noncovered security. I have the date sold in and I have the proceeds listed

So if you could help me get the post that needs to be reviewed off It would be greatly appreciated

Re: 1099B

JamesG1 — Thu, 13 Mar 2025 21:22:30 GMT

It sounds like the X entry is under Review because no cost basis is being reported.

The issuer of the IRS form 1099-B either does not have that information or is not required to report the information.

You will be required to determine the cost basis from your person records or sales tickets.

Do you believe that you acquired this investment as a gift?

This TurboTax Help states:

Gifts

The basis of securities you receive as a gift depends on whether your ultimate sale of the stock produces a profit or loss. If you sell for a profit, your basis is the same as the basis of the previous owner.

In other words, the basis is transferred along with the property. If you sell for a loss, though, the basis is either the previous owner's basis or the value of the stock at the time of the gift, whichever is lower. In other words, you don't get to write off a loss that occurred while the donor owned the securities.

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1099B

Re: 1099B