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IF COST OR BASIS ON 1099-B IS SHOWING NOT ON FILE WHAT SHOULD I PUT ON LACERTE

dmufeed
Level 2
 
0 Cheers
2 Comments 2
abctax55
Level 15

- 0 -

UNLESS your client or his financial advisor can come up with the actual cost basis.

HumanKind... Be Both
BobKamman
Level 15

If your client doesn't have the purchase confirmation but knows it was in 1988, use the lowest price it traded that year.  Zero is for people too lazy to make a reasonable estimate.