Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Undetermined Term transaction

Colmatt
Level 4

1099-b has undetermined term transaction of $25 for non covered lot.  Explanation on side says "Principal payment" " cost basis factor 0.000145393.   Proceeds $25 Cost blank

 

How do I enter this? 

 

Thanks

 

Labels (1)
0 Cheers
1 Solution

Accepted Solutions
jeffmcpa2010
Level 8

Were it me for $25 - I would just be conservative and put it as short term as it is not going to have a significant affect on the overall tax due.

I try to make sure not to do $50 of research for a $10 question, but that's just my nature.

View solution in original post

2 Replies 2
IRonMaN
Level 15

For 25 bucks and a cost factor that small, I would put zero cost and move on to the next return.

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
jeffmcpa2010
Level 8

Were it me for $25 - I would just be conservative and put it as short term as it is not going to have a significant affect on the overall tax due.

I try to make sure not to do $50 of research for a $10 question, but that's just my nature.

View solution in original post