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Description
Basis
IRS Program #: X9QQU-T-00963-23-O
CTEC #: 6257-CE-0141
CE: 2 IRS & 2 CTEC credits
Speaker: Chelsea Rustek, EA
For many transactions, the basis is correctly reported on a 1099-B. For other transactions, especially stock options, the basis is incorrect. In other cases, including older stock, RSUs, cryptocurrency, merged or spun off companies, the basis is not reported. A correct basis is critical to prevent the taxpayer from overpaying taxes. This class will explain when the basis might be incorrect and how to determine the correct basis.
Learning Objectives:
- Define basis
- Determine when basis needs to be calculated (is not properly reported)
- Explain how to research basis
- Demonstrate reconstruction of basis on stock options (using form 3921 for ISOs, 3922 for ESPPs, and confirmation of release for RSUs)