TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 5

Solved

Cost Basis, Deriving Total Cost Basis

4 replies
56 views

In 2024, I liquated, in entirety, a non-retirement (taxable) mutual fund.

For that fund, I have both a "non-covered" dollar cost basis amount and a "covered" dollar cost basis amount.

Is it acceptable to add the non-covered dollar cost basis amount to the covered dollar cost basis amount to derive my total cost basis when reporting my sale?

Level 15

You may get a separate 1099-B line for the Box E and Box D proceeds

If you acquired any shares in the 12 months prior to sale, those would appear under Box A.

Level 15

You will receive a 1099-B from your broker itemizing your sale. Report the sale as reflected on your form and TurboTax will calculate your proper gain or loss.

Level 15

"Is it acceptable to add the non-covered ..."

Yes.

For non-covered securities ( BOX B or E) showing zero (or wrong) basis, enter the correct basis yourself.
Use code "B" and put -0- in col (g).

The correct basis on the sale is the amount you mentioned.

OR you could report non-covered and covered in separate transactions with the same Date Sold.

Either way is OK.

Date Acquired can be "Various".

Level 15

You may get a separate 1099-B line for the Box E and Box D proceeds

If you acquired any shares in the 12 months prior to sale, those would appear under Box A.