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posted Mar 31, 2025 8:08:29 AM

1099-B Section 5

My 1099 - B Section 5 does not have a cost basis.  The fund sent me the summary from 2000 - 2025.  The only transaction I have from the yrs 2000 - 2012 were my automatic investments thru my employer.  I chose to adjust my cost basis to show my initial investment but it showed I owed more taxes.  The tax advisor at Turbo advised me to put a negative number but she sounded like she was guessing.  It did show I owed less taxes but is that correct?  I had read that the IRS doesn't accept negative numbers. 

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1 Replies
Expert Alumni
Mar 31, 2025 2:58:58 PM

The IRS will not accept a negative cost basis.

 

If the issuer of the IRS form 1099-B does not report a basis, the taxpayer must determine the basis from their records or sales tickets.

 

In TurboTax Premium Online, when entering the cost basis:

 

  1. Select The cost basis is incorrect or missing on my 1099-B.  Continue.
  2. At the screen We noticed there's an issue with your cost basis, select I know my cost basis and need to make an adjustment.  Continue.