I need to change the overall cost basis for the sale of a security which has three separate sell dates. I am confused about how to properly change the cost basis for the three entries. To make things simpler, what I would like to do is just make one entry which has the total shares, total cost basis and total proceeds. The issue I'm running into here is that Turbotax won't let me choose "various" for the sale dates, only for the acquisition dates. What should I do here? Can I just pick my earliest sell date and merge the three entries together as one under that date?
1. Enter 3 transactions. Each sale date must be a separate transaction. Various is only allowed for purchase date.
2. The IRS will be looking for 3 sale dates. You need to identify the stock sold for each transaction. You must have bought the stock at varying times since you don't have one basis for all.
Example:
1/1/20 bought 100 share ABC for $10
6/1/20 bought 100 shares ABC for $14
Several options for selling stock, I prefer FIFO, First in is first out.
Sale 4/4/22 75 shares so basis would come from the first stock purchased. The basis would be 75 x $10 purchase price = $750.
Sale 5/6/22 for 75 shares. Keep taking from the first purchase, 25 shares at $10 = $250 plus 50 shares from the second purchase at $14/share =$700. Add the two parts together, $950 basis.
Sale 8/10/22 Sale of remaining shares. 50 shares at $14 = $700 basis.
Now, you can find all of your purchases and determine your basis.