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Returning Member
posted Jun 30, 2020 1:57:48 PM

Entering Missing Cost Basis and Date Acquired

 

 

My 1099-B is missing a date acquired and Cost Basis because it was bought in 1997. I researched and now know both the date and amount of $10,000.00. I left those boxes blank then chose : IF YOU HAVE ADDITIONAL INFORMATION ABOUT THIS SALE, you can enter it on your own. I did enter the date an cost basis.  Did I do it correctly? I'm concerned because the $10,000 was not included in the 1099-B.

Essentially, I am wondering if TurboTax will use the Itemized sales which includes the $10,000 or the 1099-B which does not.

And, if I itemize Sales do I need to enter the 1099-B?

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1 Replies
Level 4
Jul 5, 2020 1:13:17 AM

Sounds like you did it correctly if you added the missing acquisition dates and cost basis.  For stocks that were acquired many years ago (prior to the regulations that mandated that brokerages report acquisition dates and cost basis on forms 1098), you need to manually input the information and indicate that they are “uncovered” transactions.