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December 15, 2023
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Will I get a 1099-B when updating Cost Basis on Mutual Funds, but have not sold them?

  • December 15, 2023
  • 1 reply
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Hello,

A few years ago, I consolidated my brokerages accounts at Vanguard, in part by transferring some old mutual fund holdings I had elsewhere.  One of those turned out to be an old one - with non-covered shares (meaning the cost basis was not moved over to the new brokerage).

 

I have the lot information from old statements, so I was planning on updating the cost basis, but saw a mention of receiving a 1099-B.  I "think" it means I will get that if I sell the shares (which I do not plan to), not just because I'm updating the cost basis.

 

Was checking to see if anyone knows about this - would I receive a 1099-B just because of an update to cost basis, or is this only triggered if I sell the security?

 

Thanks a lot!

    Best answer by Critter-3

    The updated basis would be shown on your broker's monthly statement but if you did not sell the stock it will not be shown on an income tax form.

    1 reply

    December 15, 2023

    I would say no sale no 1099-B because that only reports cost when there are sales.

    Critter-3
    Critter-3Answer
    December 15, 2023

    The updated basis would be shown on your broker's monthly statement but if you did not sell the stock it will not be shown on an income tax form.