Follow these steps to enter individual IRS form 1099-B transactions:
- Select Personal across the top of the screen.
- Select Personal Income across the top of the screen.
- Select I'll choose what I work on.
- Scroll down to Investment Income.
- Select Start / Update to the right of Stocks, Mutual Funds, Bonds, Other.
- At the screen Did you sell any investments in 2022, select Yes.
- At the screen OK, let's start with one investment type, select Stocks, Bonds, Mutual Funds and select Continue.
- At the screen Let us enter your investment sale info, select Skip Import.
- At the screen Which bank or brokerage sent you this form, enter the information. Continue.
- Do these sales include any employee stock, enter No.
- Do you have more than three sales, enter No.
- Do these sales include any other types of investments, enter No.
- Did you buy every investment listed, enter Yes. Continue.
- On the screen Now, choose how to enter your sales, select One by one. Select Continue.
- On the screen Look for your sales on your 1099-B, select Continue.
- At the screen Now, we'll walk you through entering your sale details, enter the information. Continue.
- Select Add another sale as necessary. Continue.
To determine your cost basis, you would follow the rules for property received as a gift.
IRS Publication Basis of Assets, here, page 9, states:
Property Received as a Gift
To figure the basis of property you receive as a gift, you must know its adjusted basis (defined earlier) to the donor just before it was given to you, its fair market value (FMV) at the time it was given to you, and any gift tax paid on it.
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