Your cost basis today is probably the basis of the original purchaser, way back when. Your best bet is to research the historical cost yourself by using a tool returned under a Google search for 'historical stock price lookup tool’. ALL THE WEBSITES I FIND FOR HISTORICAL STOCK PRICE LOOKUP ONLY SEEM TO GO BACK 5 YEARS. WE HAVE HAD THIS STOCK FOR MORE THAN 40 YEARS. WE ALSO KNOW IT HAS SPLIT AT LEAST ONCE. (UPDATE) We DID finally find te 1982 price. As old as the stock is, you probably do not have to worry about selling for a loss. In some cases, the cost basis can be one of two numbers. AND WHICH 2 NUMBERS WOULD THAT BE? GiftsThe basis of securities you receive as a gift depends on whether your ultimate sale of the stock produces a profit or loss. If you sell for a profit, your basis is the same as the basis of the previous owner. IT WAS A BONUS MY HUBBY RECEIVED IN 1980-1984 (don’t know when). WE DIDN’T BUY IT. IT BECAME ODP STOCK ON AUG 6, 2019. I SOLD IT FEB 21, 2024. AT THAT TIME IT WAS WORTH $52.4421 PER 12 SHARES. I GOT A CHECK FOR $602.87. MY RESEARCH SHOWS "According to historical stock data, the price of Boise Cascade stock (BCC) in 1982 was generally trading around $20 per share.” I NEED HELP FIGURING OUT HOW TO DO THIS, PLEASE. ANOTHER THING I DON’T UNDERSTAND IS IS THIS LONG TERM OR SHORT TERM. I AM THINKING LONG TERM BECAUSE I HAVE HAD IT LONGER THAN 1 year but the 1099B SAYS IT WILL BE REPORTED TO THE IRS AND THE BOX FOR NONCOVERED Under sales information, I have lots of options but none of them seem to fit. Under How did you receive this investment There is no option for gift or bonus.
In other words, the basis is transferred along with the property. If you sell for a loss, though, the basis is either the previous owner's basis or the value of the stock at the time of the gift, whichever is lower. In other words, you don't get to write off a loss that occurred while the donor owned the securities. The sale is reported on IRS form 1099-B. To enter the form manually In TurboTax Online, follow these steps: Down the left side of the screen, click Federal. Down the left side of the screen, click Wages & Income. Click the down arrow to the right of Investments and Savings. Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B). Click Add investments. On the Let's import your tax info screen, select Enter a different way. On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue. At the screen Which bank or brokerage, enter the information. Click Continue. Do these sales include any employee stock, enter No. Do you have more than three sales, enter No. Do these sales include any other types of investments, enter No. Did you buy every investment listed, enter No. Continue. On the screen Now, choose how to enter your sales, select One by One. Select Continue. At the screen Look for your sales on your 1099-B, select Continue. At the screen Now, enter the sale, enter the information. Select The cost basis is incorrect or missing on my 1099-B. At the screen We noticed there's an issue with your cost basis, select I know my cost basis and need to make and adjustment and enter the Actual cost basis. |
