topic How do i edit a cost basis? in Business & farm

How do i edit a cost basis?

eringwispelwey — Fri, 27 Mar 2020 02:02:43 GMT

Re: How do i edit a cost basis?

GiseleD — Fri, 27 Mar 2020 03:30:42 GMT

There are many areas in a typical 1040 where a cost basis would need to be adjusted (capital gains/losses, sales of business property, etc). What does this cost basis pertain to? What type of asset? Please advise details so we can better assist.

Re: How do i edit a cost basis?

KevinB36 — Fri, 27 Mar 2020 12:25:07 GMT

Thanks for the info. I downloaded all the gains and loses by date in Excel and have totals. is there a way to just put the totals into each state return and not use the downloaded info from federal return ?

Re: How do i edit a cost basis?

JohnB5677 — Mon, 30 Mar 2020 20:58:41 GMT

No, at least not like that. As you go through the states you will have the opportunity to adjust allocations. It does not require re-entering everything, just the raw number.

Regarding adjusting basis, this may help.

To correct the cost basis on stocks from a 1099-B

Start at Investment income
Select Stocks, Mutual Funds ....
Choose the Broker or Institution
Select the individual stock
The data you entered will be there
Toward the bottom of the screen select [I'll enter additional info on my own]
In the entry for Box 2 enter Corrected Cost Basis