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How to determine the cost basis on Form 1099-B, when basis is not reported to the IRS.. Need to determine gain/loss

Level 2

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?

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2 Replies 2
Level 15

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.

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

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Level 11

Welcome to pre-2011 tax preparation.  We've come a long way in just a decade!