Question

Form 1099-B - Cost Basis and Date Acquired

Accepted Answer

The Form 1099-B that you receive might only report the sale date and sales proceeds. If it does not report the date acquired or cost basis, you still need to enter that information when you report your Form 1099-B in the TaxAct program so that it will transfer to Schedule D and/or Form 8949. The Cost or Other Basis is generally the cost you paid for the property, plus purchase commissions, recording or transfer fees, and any improvements, minus depreciation, amortization, and depletion. The Date Acquired is generally the date you acquired the asset (or the trade date). If you didn't keep the documents involved in the transaction, you will need to get the information from your broker. For more information about Form 1099-B, go to the IRS Instructions for Form 1099-B.

Report your Form 1099-B information and enter your 1b. Date acquired and 1e. Cost or other basis by following the steps in the FAQ Form 1099-B - Entering in Program.

Accepted Answer

The Form 1099-B that you receive might only report the sale date and sales proceeds. If it does not report the date acquired or cost basis, you still need to enter that information when you report your Form 1099-B in the TaxAct program so that it will transfer to Schedule D and/or Form 8949. The Cost or Other Basis is generally the cost you paid for the property, plus purchase commissions, recording or transfer fees, and any improvements, minus depreciation, amortization, and depletion. The Date Acquired is generally the date you acquired the asset (or the trade date). If you didn't keep the documents involved in the transaction, you will need to get the information from your broker. For more information about Form 1099-B, go to the IRS Instructions for Form 1099-B.

Report your Form 1099-B information and enter your 1b. Date acquired and 1e. Cost or other basis by following the steps in the FAQ Form 1099-B - Entering in Program.