Andrew54365
Junior Member
What is the name of your state (only U.S. law)? PA
I could use some help trying to get the "cost or other basis" for a tax exempt spinoff. I tried to import my 1099b directly from Scottrade to Turbotax and that did not work. Turbotax asks me to enter this number manually. I would spend the $200 bucks and go to a tax service, but not all of them are full fledged accountants and might not know what number to put in. Though I do not know if this is a very simple or very complicated question.
1) Bought Federal Mogul (while it was going thru bankruptcy):
10/17/2005 10/20/2005 FDMLQ BOUGHT 1224 SHARES OF FDMLQ AT $0.49 ($10.00) $0.00 ($609.76) N/A
2) "...common stock in Federal-Mogul Corporation issued prior to December 27, 2007 is canceled under the Plan, and holders of that stock will receive warrants to purchase shares in post-bankruptcy Federal-Mogul Corporation as described in the Plan."
http://www.fmoplan.com/
1/15/2008 1/15/2008 (115) TAX EXEMPT DIVIDEND/SPINOFF OF 92 SHARES OF (115) $0.00 $0.00 $0.00 N/A
3) sold these warrants
12/28/2012 1/3/2013 FEMOW SOLD 92 SHARES OF FEMOW AT $0.023 ($2.12) $0.00 $0.00 No
12/28/2012 - COMM ADJUSTMENT 768-05023 $0.00 $0.00 ($4.88) No
This is what Turbo tax asks...
"Check This Entry
Imported Broker Transactions Worksheet: Cost or Adjusted Basis (Positive Amounts Only)-1 must be entered for FEDERAL MOGAL CORP WTS EX12271 4.
Cost or Adjusted Basis ________"
Thanks for anyone's time or help
I could use some help trying to get the "cost or other basis" for a tax exempt spinoff. I tried to import my 1099b directly from Scottrade to Turbotax and that did not work. Turbotax asks me to enter this number manually. I would spend the $200 bucks and go to a tax service, but not all of them are full fledged accountants and might not know what number to put in. Though I do not know if this is a very simple or very complicated question.
1) Bought Federal Mogul (while it was going thru bankruptcy):
10/17/2005 10/20/2005 FDMLQ BOUGHT 1224 SHARES OF FDMLQ AT $0.49 ($10.00) $0.00 ($609.76) N/A
2) "...common stock in Federal-Mogul Corporation issued prior to December 27, 2007 is canceled under the Plan, and holders of that stock will receive warrants to purchase shares in post-bankruptcy Federal-Mogul Corporation as described in the Plan."
http://www.fmoplan.com/
1/15/2008 1/15/2008 (115) TAX EXEMPT DIVIDEND/SPINOFF OF 92 SHARES OF (115) $0.00 $0.00 $0.00 N/A
3) sold these warrants
12/28/2012 1/3/2013 FEMOW SOLD 92 SHARES OF FEMOW AT $0.023 ($2.12) $0.00 $0.00 No
12/28/2012 - COMM ADJUSTMENT 768-05023 $0.00 $0.00 ($4.88) No
This is what Turbo tax asks...
"Check This Entry
Imported Broker Transactions Worksheet: Cost or Adjusted Basis (Positive Amounts Only)-1 must be entered for FEDERAL MOGAL CORP WTS EX12271 4.
Cost or Adjusted Basis ________"
Thanks for anyone's time or help