There is a limit of a maximum of $10,000,000 I can input into investment proceeds and costs.
I found someone online mentioning this workaround (I don't know if I should share links here so I am attaching the screenshot).
Would it work?
Thanks.
If you have transactions that exceed the $10,000,000 entry limit the preferred solution is to split the amount.
Example: You have a $18,000,000 sale, and your cost basis is $12,000,000.
Split this entry into two parts. Enter $9,000,000 for the sale twice, and $6,000,000 for the cost basis twice.
This works for the IRS because they are only concerned with matching the total.
Yes, you will be able to split it multiple time. The IRS will match to the totals.
However, always keep documentation that shows what you did.
If you have a copy of the 1099-B you can document it directly on the form. This will confirm your entries if they are ever questioned.
If you have transactions that exceed the $10,000,000 entry limit the preferred solution is to split the amount.
Example: You have a $18,000,000 sale, and your cost basis is $12,000,000.
Split this entry into two parts. Enter $9,000,000 for the sale twice, and $6,000,000 for the cost basis twice.
This works for the IRS because they are only concerned with matching the total.
Does Turbotax limit the maximum number of times I can split the number?
I think I need to split it into tens of them. Would it work?
Thanks.
Yes, you will be able to split it multiple time. The IRS will match to the totals.
However, always keep documentation that shows what you did.
If you have a copy of the 1099-B you can document it directly on the form. This will confirm your entries if they are ever questioned.