Where Do I Deduct "Payment in Lieu Paid" on Broker's 1099?

In my 1099, next to the Margin Interest line, there is a "Payment in Lieu Paid" number.

Where can I deduct this cost in Turbotax?

Thanks.

1378

1 Best answer

Expert Alumni

Mar 18, 2021 12:21:20 PM

Yes, you add those fees to the cost basis. Keep the information in your tax records about how you arrived at your cost basis for this transaction.

Intuit Alumni

Mar 18, 2021 10:37:28 AM

You may review this thread that discusses reporting Payment in Lieu Paid .

Level 3

Mar 18, 2021 11:44:17 AM

Thanks for your information.

My shorts are less that 45 days, so I will make adjustment to the cost basis, but where can I do it in Turbotax?

Thanks.

Expert Alumni

Mar 18, 2021 12:21:20 PM

Yes, you add those fees to the cost basis. Keep the information in your tax records about how you arrived at your cost basis for this transaction.

Level 3

Mar 20, 2021 10:25:26 AM

Great info.

Thank you.