Hello. I sold stock purchased 20 years ago this year. Naturally my broker and 1099B did not have the cost basis information nor date acquired. Since I entered that info from my own records, do I need to indicate "code b" in column (f) on the 8949?
"Code B" = You received a Form 1099-B (or substitute statement) and the basis shown in box 1e is incorrect
In my opinion, the 1099-B is not really incorrect. It did correctly list the stock under "Box E: Long term sales with cost basis NOT reported to the IRS". It just didn't have cost basis info, nor date acquired.
Thank you.
For Box E, you don't need to make Code B adjustments, there is nothing to adjust.
Instead enter the correct cost or other basis in the first place.
For Date Acquired, you can enter "various" or the actual date if you know it.