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Financial Planning / Tax Strategies
|Subject: Re: Exchange rates and cost basis of foreign sto||Date: 3/5/2014 1:55 AM|
|Author: tangofan||Number: 120358 of 122333|
However, if I were to want to report different amounts than were on the 1099B, the correct way to do that is to report the 1099B numbers on Form 8949 (where each transaction is initially reported), report your calculated cost basis, and than use one of the adjustment codes to adjust the sale price to your calculated amount.
Thank you so much for your response, I appreciate it a lot.
Just to clarify: The German broker did not report the cost basis on the 1099-B, otherwise I would have just gone with their number.
And I agree with you that they aren't "wrong": They are just using a different data source for the exchange rate than I do.
So I am not reporting any different amount that was on the 1099-B, I am just trying to come up with the "correct" (or at least suitable) amount for the cost basis, which is NOT reported on the 1099-B.
I'm not sure, if this clarification changes your recommendation, meaning that it might make sense to report the sales price from the 1099-B and just provide an appropriate cost basis.
Thanks & best regards,
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