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June 1, 2019
Question

I received Proper 1099-B with 1b (proceeds) and 1e (cost basis) but basis is not reported to IRS so my question is should I enter summary or one transaction at a time?

  • June 1, 2019
  • 1 reply
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I received Proper 1099-B with 1b (proceeds) and 1e (cost basis) but basis is not reported to IRS so my question is should I enter summary or one transaction at a time?

On 2nd page, I have detailed transaction listed but its zero for  Box 3 (Basis Reported to IRS)=0 , Box 5 (Noncovered Security Ind)=0 so I am unsure whether to use summary or one transaction at a time.  For LendingClub, I was able to directly import so it was very easy.

1 reply

MichaelL1
Employee
June 1, 2019

If you can import, I would import it.

Then make the entries for each Basis that is listed at $0 cost, for what the actual basis should be.