topic Where Do I Deduct "Payment in Lieu Paid" on Broker's 1099? in Get your taxes done using TurboTax

Where Do I Deduct "Payment in Lieu Paid" on Broker's 1099?

evixdecz — Thu, 18 Mar 2021 17:18:05 GMT

In my 1099, next to the Margin Interest line, there is a "Payment in Lieu Paid" number.

Where can I deduct this cost in Turbotax?

Thanks.

EbonyA — Thu, 18 Mar 2021 17:37:28 GMT

You may review this thread that discusses reporting Payment in Lieu Paid .

evixdecz — Thu, 18 Mar 2021 18:47:12 GMT

Thanks for your information.

My shorts are less that 45 days, so I will make adjustment to the cost basis, but where can I do it in Turbotax?

Thanks.

DianeW777 — Thu, 18 Mar 2021 19:21:20 GMT

Yes, you add those fees to the cost basis. Keep the information in your tax records about how you arrived at your cost basis for this transaction.

evixdecz — Sat, 20 Mar 2021 17:25:26 GMT

Great info.

Thank you.