Most retail brokers, such as Robinhood, Webull, and Fidelity, do not calculate "Adjusted Cost Basis" across an entire options campaign. They only track the assigned price of the underlying stock for tax reporting purposes.
Therefore, if you collected $500 in premium selling Cash-Secured Puts over three months, and eventually were assigned shares at $150, your broker will report your cost basis as $150. A wheel trader knows their true break-even is actually $145. Ignoring the premiums collected causes traders to panic-sell below their actual break-even.
This is not a bug — it is by design. Brokers report cost basis for tax purposes under IRS rules. The premiums received from selling options are taxed separately as short-term capital gains or ordinary income, not subtracted from the cost basis of the shares.