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I reduced my cost basis by the amount of my market discount. turbo says it would help me fix instead of making change in 1099. how they help?

should I just ignore turbo and leave the change in bond sale I made in cost basis?
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2 Replies

I reduced my cost basis by the amount of my market discount. turbo says it would help me fix instead of making change in 1099. how they help?

what sort of bond is it - what was reported on your 1099B and why are you changing it?  your broker should already take AMD into account and may adjust cost basis for OID, de-minimus rules etc.

ThomasM125
Employee Tax Expert

I reduced my cost basis by the amount of my market discount. turbo says it would help me fix instead of making change in 1099. how they help?

If you know what the correct cost basis is, then you can enter it. There is an option to allow TurboTax to help you determine the cost basis, but it is just an option. 

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