1099B - How to Input Stock Sale with no Cost Basis

Forum|Forum|2 years ago
February 29, 2024
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Hello, I have a 1099B stock sale that does not have Date Acquired and Cost Basis. The 1099B says "Box 5: Non-Covered Securities - Code X (unknown holding period)". I can get the "date acquired" and the "cost basis" using my own records. Do I just enter the date on box 1b and cost basis on 1e, or do I need to input the "cost basis" as zero, and then input the cost on my records on box 1g (column g on form 8949) as adjustment?

Best answer by rjs

Just enter the date acquired in box 1b and the basis in box 1e. Do not enter it as an adjustment. When you select the "Sales section" select either "Short-term basis not reported to IRS" or "Long-term basis not reported to IRS" as appropriate. Do not select "Unknown term."

rjsAnswer

Employee

fanfare

Employee

for non-covered with wrong or no basis

enter the correct basis and Code "B" in col(f)

enter -0- in col(g)

@syoung123

stlucia95

Employee

What happens when you don't know when it was acquired at all and the cost basis is unknown? Many thing happen during the life of our portfolio which revolve around spin offs. These are not discussed with us on a monthly basis so we wouldn't know in real time when it was purchased. Sloppy or poor customer service on the part of my brokerage.