New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

The 1099-B was issued without an amount in box 3. Do I enter the basis in the Cost/Basis field or do I use the adjustment field to report the correct gain/loss, since no basis was reported to the IRS?

Answer

Report the basis in the Cost/Basis field. Do not use the adjustment field to report the basis amount. The adjustment column should only be used if another adjustment code is required. To properly report such a transaction on Form 8949, be sure to enter 3 - 1099-B box 3, does not show basis in the transaction's Form 1099B column, so the item is reported on the Box B unit of the Form 8949.

Related topic: Schedule D / Form 8949 - Capital Gains and Losses FAQs (1040)

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