Question

Incorrect 1099B

Forum|Forum|2 years ago
April 12, 2024
1 reply
0 views

If I added up all my cost it would be 3093.31 but the cost basis shown on 1099b shows 594.64. I contacted the brokerage and they said their number is correct because of several reverse splits and cash in leu (which is 0). The proceed of the sale is 0.65. What is the best way to fix this?

DaveF1006

You would enter the amounts that are reported on the 1099B as is.

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T

tkoin1Author

but it is incorrect.

Also, the cost basis when I added up myself matches with the cost basis I screenshot from the app right prior the sale. No idea how they calculate that number in the 1099B

M

mglauner

Since I already sold it I don't think I can consider it a debt (I got 55 cents out of over 3k investments lol). Just wondering if I should select the box that say the security is worthless or "none of these apply".

For the nonbusiness bad debt. Can it be applied to crypto that is no longer supported by my crypto app and there is no way to sell it. If it's bought over 1 year ago, why would it be considered short term capital loss?

The security has to be considered 'worthless' to qualify as a non-business bad debt. Here's more info on Non-Business Bad Debts.

IRS regulations state that a Non-Business Bad Debt is reported as a short-term capital loss, no matter how long it was held.

You may be able to apply the bad debt deduction to crypto. Here's info from Cointracker you may find helpful.

@tkoin1