Question

1099B shows proceeds (box 1d) for principal payment. I don't have the cost basis or date acquired. The 200 line items have Box X marked, change to either LT or S Term?

Forum|Forum|6 years ago
March 29, 2020
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TurboTax Live Premier Online

If they are Long Term, you have held the stock for at least 1 year and 1 day. If you only had the stock less than a year, it is Short Term.

It is to your advantage to find out when you purchased the stock and how much you paid for it. Long Term stock is taxed at Capital Gains rates which go from 0% to 20% depending on your income level,

The amount that you purchased your stock for reduces the amount of gain/loss you have to report and pay tax on. If you do not show a cost basis the total amount you received is taxable.

Guide to Schedule 😧 Capital Gains and Losses

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