Discussion:1099-B Question
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Nealcarney (talk|edits) said: | 5 April 2006 |
| I have received a 1099-B (Proceeds from Broker & Barter Exchange Transactions). There is a positive amount in Box 2. The instructions say to include on Schedule D. Where? What do I have to do?
NealCarney Nealcarney 13:20, 5 April 2006 (CDT) | |
Chris2lane (talk|edits) said: | 6 April 2006 |
| A 1099B states that you sold some security. The amount in box 2 is the proceeds from your sale. You have to enter this info on Sch. D as well as the sale date, the purchase date, and your cost basis. If your proceeds exceed your basis, you have a capital gain. If it's longer than 12 months, it is a long term capital gain. | |
| 6 April 2006 | |
| And if your cost is higher than the proceeds, you have a capital loss. Even if it is a loss you should report it because (1) you get the deduction and (2) the government will be expecting to see the sale reported on your tax return. | |
Rina Tringali (talk|edits) said: | 17 April 2006 |
| Remember when calculating your cost basis, to include any dividends reinvested. | |
| 20 April 2006 | |
| 1099-B Proceeds from Sale often do not include cost basis information. However ask the client for a year-end statement from their broker. This may include all necessary information: purchase date, and purchase price, as well as sale date and sales price. | |
| 13 October 2007 | |
| My client gave me the original price, quantity, and date purchased. However, under the funds are subcategories (I guess you can call it). I do not have the form in front of me and the client read the numbers over the phone. I am a bit confused here. For example, for one of the funds it says 0 for original price. Right under it with same fund name it has a SH INT CLA with a different quantity and different original price. This return is due Monday and I have agreed to help out last minute. Any info would be greatly appreciated. | |
| 13 October 2007 | |
| I would recommend that you gather all the paperwork and the client and take it to a tax professional who can work this out for you...couldn't cost but a couple of bucks and you would have the assurance that it is done properly. | |
| 13 October 2007 | |
| Thank you 94nole. I got the paperwork from my client today and I think I have got it now. It is last minute and and I am trying to help them get their return out on time. | |
| 29 March 2008 | |
| My wife passed away Mar. 2, 2006. She had 8100 shares of SYSCO stocck in her name and I went through the necessary steps to transfer ownership to me, which was completed Feb. 2007. The transfer agent sent me a 1099-B showing a sale of those shares, however, I had my financial planner sell and reinvest. I don't know how to show this as an inheritance on my 2007 return and not have tax liability for the sale. HELP! | |
| 29 March 2008 | |
| If the stock was sold in your name, you report the sale on your 07 return (sch. D) If the stock had been in only your wife's name, your cost basis will be the value as of her date of death. Your financial planner really should be able to help you with this. | |
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