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 with an incorrect amount in box 3. Do I enter the basis reported to the IRS in the Cost/Basis field or do I enter the "correct" basis amount to get the proper gain/loss reported on the return?

Answer

Enter the amount actually reported on the Form 1099-B box 3. Then subtract the basis reported in 1099-B Box 3 amount from the correct basis and enter in the Adj to G/L column, resulting in:

• A negative adjustment when the correct basis is higher than the box 3 basis
• A positive adjustment when the correct basis is lower than the box 3 basis

Be sure to enter 2 - 1099-B box 3, basis is incorrect in the transaction's Form 1099B column so T is reported in the Form 8949 column (b) Code, if any, for column (g)*

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

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