Both Long Term and Short Term Capital Gains on a Sale

[BigYo54]

Hi - I did and in-kind transfer from brokerage A to brokerage B. Once the funds were at brokerage B, I made a sale. Due to the sale, my 1099-B from brokerage B was missing the cost basis and gain/loss information of the sale since the transaction history was with brokerage A. I calculated the missing information on my own with cost basis information provided by brokerage A at the time of the in-kind transfer.

Here is where I'm running into an issue, I imported my 1099-B from brokerage B into TurboTax. There is ONE line item for the sale made where the cost basis and gain/loss information is missing. I'm able to manually add my cost basis to that line item but through my calculation there are BOTH long-term and short-term gains associated with the sale. How do I separate the long and short term gains when there is only one line item for the sale?

[WST2]

If you can split the sale into two transactions, a long term gain and short term gain, then that should work. You should be able to do that, if say it is for 50 shares of ABC company and 30 shares were LT, and the other 20 were ST, then just add a transaction for the 2nd.

[BigYo54]

@WST2 - Thanks! Would there be an issue with me changing the value of the sale that’s on the 1099? Or is everything fine as long as the split of the transactions adds up to that sale? 

[RaifH]

If it is reported on Form 1099-B with an unknown holding period, you are okay separating the transaction into two separate transactions as @WST2 advised. Make sure to correctly allocate the proceeds to each section.