Cost basis

Forum|Forum|3 years ago
March 27, 2023
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I'm doing taxes for my 2 daughters and they both have 1099-B's with no cost basis and Unajusted Gain/Loss, no federal taxes were withheld, I don't know where to get that information. The financial company does not have it. Do I leave it blank? It also does not state whether it is long term or short term.

MonikaK1

If this stock was transferred into their accounts so the brokerage didn't have the information, and your daughters have the information about the purchase price, date, and original cost basis, you can make these entries in TurboTax. Go back to the Investments section of Wages and Income, locate the stock transactions that need additional information entered, and select Edit or click the pencil icon to edit. There is a box to check when the basis is not shown on Form 1099-B.

If they acquired this stock by inheritance or gift and don't have the original purchase information, enter the date they acquired it by inheritance (generally the date of death) or gift.

See this help article for more information from TurboTax on determining the basis of gifted stock.

See this help article for more information from TurboTax on determining the original purchase price. For example, view the historical section at Marketwatch or Nasdaq, or Yahoo Finance.

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