Hello. I am trying to help my mother-in-law through her taxes. Her Schwab Tax statement has a 1099 Composite that I imported into TTax. When I check the Investment Income section, it shows that I "Need more info?". The 1099 is missing 1b-Date Acquired and 1e - Cost Basis for these sales.
The statement has a section for Short-Term transactions vs Long-Term. Is there a way to just use this ST / LT info and not need the actual date acquired (eg: enter a ST date - like 6/1/2019 and a LT like 9/1/2018 instead)?
I know the cost basis is a problem for the realized gain (and will have to figure out what to do there). Just wondering if I don't need and exact date and can use dates that indicate ST vs LT for capital gain calculation?
Any advice?
Instead of a date, you can just use "Various", and then indicate the appropriate holding period (long term or short term). If you can't determine the cost basis, you can use zero. If it's a stock, you can look up the all time low and use that, or if you can narrow it down to a specific year, you can look up the low for that year.