bgoldsmith
Level 2
03-08-2021
07:04 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a broker statement with form 1099-B and on the summary page it says: Term - Undetermined; Form 8949 - B or E (Basis not reported to the IRS).... There is a proceed amount shown but the cost basis is 0.... How would you determine the cost basis?
Labels
abctax55
Level 15
03-08-2021
07:11 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
1) Ask your client
2) Talk to the stock broker; for the fees they charge they should be able to do some research.
3) Research it yourself using an on-line site like Big Charts.
A word of advice.... if a cost basis can't be documented, you are supposed to use zero. Tell your client that; it usually motivates them.
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
( Generic Comment )"
rbynaker
Level 13
03-08-2021
08:16 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Welcome to pre-2011 tax preparation. We've come a long way in just a decade!
