Hello, I imported 1099-B from broker (Etrade) and Turbotax flagged that some information needed updating. After reviewing, I found that the information in the cost basis was $0 while the value in the proceeds column was the actual gain/loss from the transaction, and not the actual sale price (or proceeds). The total gain/loss still shows correctly because proceeds is the gain/loss while cost basis is $0.
After some research, I read somewhere that for options, brokers are required to put final gain/loss in the proceeds column. Is that accurate?
And if that is the case, do I need to make any changes to the proceeds (to be the actual sale price) and cost basis (to be actual cost and not $0) when I am filing taxes? This seems to impact Options related transactions and will take a lot of time to manually change each one of them. Also, then it would seem to suggest that all information provided by broker had issues when in reality that may be the reporting requirement.
