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M
Mars1
Level 3
March 15, 2022
Question

1099-B Undetermined Term Transactions for Non-covered Tax Lots

  • March 15, 2022
  • 1 reply
  • 13 views

I have a client who has sales showing under Undetermined Term Transactions for Non-covered Tax Lots.  How is this supposed to be entered on Form 8949 when client has no idea of his cost and says he may have just bought something using cash?  The date acquired shows N/A, which could be various.

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1 reply

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
March 15, 2022
If he has no records for basis, then you use zero...maybe the brokerage can help him track down at least a date when it was bought and you can use one of the online historical stock price websites to find out what it was selling for at that time.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
M
Mars1Author
Level 3
March 15, 2022

Thank you.  That was my thought but I was still unsure.

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