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Level 5
posted Nov 30, 2024 7:16:05 AM

Cost Basis, Deriving Total Cost Basis

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?

 

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1 Best answer
Level 15
Nov 30, 2024 11:25:55 AM

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.

 

@Jonathan1 

4 Replies
Level 15
Nov 30, 2024 7:31:24 AM

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
Nov 30, 2024 11:11:43 AM

"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".

 

@Jonathan1 

 

Level 15
Nov 30, 2024 11:25:55 AM

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.

 

@Jonathan1 

Level 5
Nov 30, 2024 12:50:43 PM

Very helpful.  I always like to get an early start in entering data to TT.  I will check my numbers again against the 1099 B that I will get in February or March of 2025.