Fed Form 1116- Adjusted Basis of...?!

[edeileenr]

OMG! For the first time, TTX is now asking me to fill out the Adjusted basis of total investment assets, of total business assets, & of total passive activity assets. I find that information nowhere.  Where to I find this information?

[MarilynG]

Did you sell Foreign Assets?

If not, you shouldn't need to enter an Adjusted Basis of your assets. 

If you have Rental Assets reported on Schedule E, or Business Assets reported on Schedule C, look for Form 4562 Depreciation Report (a landscape form) that reports the 'Depreciable Basis' and 'Prior Depreciation' amounts of your assets.

Subtract the 'Prior Depreciation' from the 'Depreciable Basis' to find the current Adjusted Basis. 

For Bank Accounts or Stocks, this does not apply, and there is normally no 'Adjusted Basis' to enter. 

Here's more info on Adjusted Basis of Assets.