The instructions on Form 1099-B say that box 1b might be blank on the 1099-B that you received, in certain cases. It does not say that it's okay to leave it blank on your tax return. If the broker or financial institution did not show the date acquired on the form, you have to provide the date from your own records.
Dear @CHAMP (and TurboTax Support),
Your answer is spot-on correct! But, I have a suggested correction to be made to a pop-up direction for populating the "Date Acquired" field of the Step-by-Step 1099-B input screen for TurboTax's Home and Business CD, and presumably other products. Specifically, making the following modification:
Date Acquired
Here are examples of how to enter the date you originally bought acquired the item:
- 03/22/2022 - The date you bought acquired the item.
- Inherited - You inherited this item.
- Various - You bought shares of a security at different times, as you would if you bought more than one block of stock or regularly reinvested dividends in additional shares.
Reasoning:
I received stock back in 2001 when an insurance company in which I owned a small Life Insurance policy, went public and issued Common Stock to its Insured. Upon selling a number of these shares in 2022, I was issued a 1099-B detailing the sale. The Box 1b (Date Acquired) field was left blank, though the date the stock was issued to me was provided for 'informational purposes My point is that I never Purchased the stock, but rather received or Acquired it, and I suggest the instruction be modified accordingly. Thank you!