On 1099-miscellaneous how do I report transactions for which basis is not reported to the IRS and term is unknown?

What is being reported on 1099-MISC that need a cost basis? You can't enter the word unknown. You need to figure out the basis yourself, the best way you can.

How am I supposed to determine Cost basis if 1e shows as unknown?

Did you receive an IRS form 1099-B rather than an IRS form 1099-MISC?  Box 1e of IRS form 1099-B is Cost or other basis.

 

If you did receive an IRS form 1099-B, it would be reported on IRS form 8949 / Schedule D Capital Gains and Losses.  

 

The provider does not have cost information. You will have to determine the cost basis from your personal records or report $0 cost basis.  Perhaps the investment was purchased under a different vendor?

 

In TurboTax Online, follow these steps to enter an investment transaction on an IRS form 1099-B.

 

• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages and Income.
• Scroll down to Investments and Savings.  Click Show more to the right. 
• Click Start/Revisit to the right of Stocks, mutual funds, bonds, other.
• At the screen Your investments and savings, click Add investments.
• At the screen Let's import your tax info, click Enter a different way.
• Click on Stocks, Bonds, Mutual Funds.  Click Continue.

@carol117 

I received a Form 1099-B not a 1099-misc.

 

BOTH 1b Date acquired and 1e Cost or other basis have the words UNKNOWN.

 

This is an inherited Mutual Fund. Both parents have passed.

 

 

Here's what you do

Sometimes your 1099-B has nothing listed for "cost basis" or "date acquired" for some of your sales. Don't worry, we'll help you figure out what to put in your return.

If there is no cost basis listed for a particular sale, you have a few options. You should first try contacting your financial institution to see if they have record of your cost basis, but simply omitted it from this form due to IRS reporting guidelines. You can check this out via cost basis. purchase confirmation slips, brokerage statements,  Also, if this is a sale of employee stock, then TurboTax Premier (and higher versions), we'll walk you through some questions about the type of stock plan that will usually allow you to determine your cost basis. See also HERE

When it comes to the date acquired, your 1099-B can still be useful (even though it left this area blank). As long as each sale was listed as either short-term or long-term, you can type in the word "Various" in the box for date acquired. If there is no date provided, and it doesn't specify short- or long-term, then you'll need to use your own records to determine whether it's a long-term sale (assets held for one year plus one day, or longer) or a short-term sale (exactly one year or less). There is an exception for inherited assets. These are always treated as long-term. You may enter "Inherited" as the date acquired.