Certificate of divestiture--getting adjustment for deferred gains?

[careyarroyospin]

I'm struggling to correctly report deferred gains under a certificate of divestiture using Form 8824. I've filled out Part IV of Form 8824, which calculates the correct amount of deferred gains. But I also assume I need to report the sale information from Form 1099-B? When I do that, I get taxed on those gains (despite having filled out Form 8824). Is there a way to link the deferred gains from Form 8824 so that the gains reported on the 1099-B aren't taxed?  I could put in a manual adjustment on Form 1099-B, but that would just seem to raise red flags unless it can be linked to the deferred gains from Form 8824. [I'm using the downloaded Turbo Tax Home & Business]. Thanks, john

[ThomasM125 · Accepted solution]

There is no way to link the reporting of form 1099-B with form 8824. However, it is acceptable to adjust your cost basis on the investment sale reported on form 1099-B so that your gain reported on form 8824 is not duplicated when you report your investment sale per form 1099-B.