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On 1099-b form my cost basis is blank, what should I put? I cashed out a small account I have had since I was a child and the amount of 1,083.68 doesn't have a cost basis

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Best answer by ToddL

If you enter "0" as the cost basis, you will owe tax on the entire amount of proceeds (long-term capital gain).

If you can make a good-faith estimate on what was paid for the securities you sold, it will lower your tax on the proceeds.

You can research this online. One option is the Yahoo Finance website at: http://finance.yahoo.com/q/hp?s=YHOO

You will have to enter the stock symbol (“Get Historical Prices for: _________), and a date range.

This article provides additional information that might be helpful:

ToddLAnswer

Employee

If you enter "0" as the cost basis, you will owe tax on the entire amount of proceeds (long-term capital gain).

If you can make a good-faith estimate on what was paid for the securities you sold, it will lower your tax on the proceeds.

You can research this online. One option is the Yahoo Finance website at: http://finance.yahoo.com/q/hp?s=YHOO

You will have to enter the stock symbol (“Get Historical Prices for: _________), and a date range.

This article provides additional information that might be helpful:

what if my proceeds are negative, what should I then put in for my cost basis?

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