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Employee
November 30, 2024
Solved

Cost Basis, Deriving Total Cost Basis

  • November 30, 2024
  • 1 reply
  • 0 views

In 2024, I liquated, in entirety, a non-retirement (taxable) mutual fund. 

For that fund, I have both a "non-covered" dollar cost basis amount and a "covered" dollar cost basis amount. 

Is it acceptable to add the non-covered dollar cost basis amount to the covered dollar cost basis amount to derive my total cost basis when reporting my sale?

 

    Best answer by fanfare

    You may get a separate 1099-B line for the Box E and Box D proceeds

    If you acquired any shares in the 12 months prior to sale, those would appear under Box A.

     

    @Jonathan1 

    1 reply

    Employee
    November 30, 2024

    You will receive a 1099-B from your broker itemizing your sale. Report the sale as reflected on your form and TurboTax will calculate your proper gain or loss. 

    fanfare
    Employee
    November 30, 2024

    "Is it acceptable to add the non-covered ..."

     

    Yes.

    For non-covered securities ( BOX B or E) showing zero (or wrong) basis, enter the correct basis yourself.
    Use code "B" and put -0- in col (g).

     

    The correct basis on the sale is the amount you mentioned.

    OR you could report non-covered and covered in separate transactions with the same Date Sold.

    Either way is OK.

     

    Date Acquired can be "Various".

     

    @Jonathan1 

     

    fanfare
    fanfareAnswer
    Employee
    November 30, 2024

    You may get a separate 1099-B line for the Box E and Box D proceeds

    If you acquired any shares in the 12 months prior to sale, those would appear under Box A.

     

    @Jonathan1