How do I know if I have to report items on Form 1099-B - long term transactions basis not reported to IRS

[brianshupak]

I have a 1099-B with long-term transactions basis not reported to IRS.  Is this taxable?  Do I have to report?

[MargaretL · Accepted solution]

Yes, you do have to report all your items on Form 1099-B on your tax return;  the fact that basis is not listed doesn't except it from the reporting obligation. It may be taxable based on the difference between proceeds and the basis.  You should look into your old records or call your broker for help finding the basis.  Otherwise, the basis will be zero- making the proceeds fully taxable.

The brokers may not always have the basis- for example, you have purchased the stock with broker A, but later sold it with a broker B. 

[getajob63]

So in the scenario where it was bought through broker A and sold through broker b (inheritance) what can I do to get the cost value