Question

Update Stock Sale - Cost Basis

Forum|Forum|1 year ago
February 18, 2025
1 reply
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I transfered stock from Computershare to Robinhood in 2023. This stock I had purchased in 2014 - 2017. I then sold said stock in March of 2024. Now the Tax Statement from Robinhood is showing that I had $0 (Zero) Cost Basis and treating the sale of the stock from 2024 as ALL Profit. In turn, after importing into TurboTax it's also showing Short Term sale, which is increasing my taxes owed significantly.

Is there a way to manually adjust this sale to Covered Long Term and input a cost basis - just for this 1 stock?? I would normally just enter in the stock sales manually, but I have a ton of other sales (mostly small) but the time it would take to enter in a few dozen sales it just to over bearing.

D

DavidD66

You should be able to adjust the cost basis, and change the transaction to long term. Go to the 1099-B and click on edit. Go to the transaction that is incorrect and there should be an option to adjust the cost basis. Another option would be to delete just that transaction and re-enter it with the correct cost basis and holding period. If you can't adjust the basis and the holding period, or delete the single transaction, you will need to delete the imported Form 1099-B and manually enter.

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