I have received the 1099 from my bank. There are recorded several stock trades with gain and losses.
At the end of the 1099 there are three transactions reported separately, under the section "Other Transactions - cost basis not reported to IRS - Form 8949"
In the1099 document provided by the bank, the Gain or loss for these last transactions is ZERO, but in the sections "proceeds" and "cost basis" the values are present. When importing the 1099 to Turbotax the software uses the proceeds and cost basis to calculate the gain/losses also for these transactions. So the Final result of the imported 1099 is different than the one identified on the bank statement.
So, do I continue with the value of Turbotax (even if different from the bank 1099) or should I treat these transactions separately?
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For the three transactions reported separately, under the section "Other Transactions - cost basis not reported to IRS - Form 8949", you should have a cost basis and proceeds posted to your return.
You got this message because prior to 2013 the broker did not keep track of the original cost. It was your responsibility to maintain it. If the documented cost value looks correct you can proceed.
If you're unsure you may be able to use Historical Stock Quote Prices - MarketWatch to determine the original value.
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