Is This A Valid Work Around for the $10,000,000 Limitation?

[evixdecz]

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.

[JohnB5677 · Accepted solution]

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.

[evixdecz]

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.

[JohnB5677 · Accepted solution]

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.

[evixdecz]

Great info.

Thank you.