I received a 1099-B form detailing the proceeds I received when I got rid of my Sharebuilder stocks. However, I can find nothing in the 1040 instructions for where to report this income on lines 7-22 in the Income section of a tax return.
2007-02-28 14:32:38 · 5 answers · asked by tudn127 1 in Business & Finance ➔ Taxes ➔ United States
You need to report stock sales on Schedule D. You will need to know cost basis, date bought, date sold, and gross proceeds from sale (from 1099-B). They need to be categorized between either short-term or long-term (held more than one year) gains or losses since there are different tax rates for each type of capital gain. If you have a net loss, you can only deduct ($3,000) and the rest would be carried forward to future years.
2007-02-28 15:28:48 · answer #1 · answered by tma 6 · 0⤊ 0⤋
Reporting 1099 B Income
2017-01-14 14:29:17 · answer #2 · answered by pasillas 3 · 0⤊ 0⤋
Stock proceeds go on Schedule D and the mere fact that you got a 1099 means the info has been shared with the big computer at the IRS.
If you opt to ignore it, let us know how the audit goes.
2007-02-28 14:43:11 · answer #3 · answered by kate 7 · 0⤊ 0⤋
You'll file these stock sales on schedule D. You'll need to know what you paid for them. Totals will end up on line 13 of your 1040.
2007-02-28 15:43:59 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
It goes on Schedule D, then carried back to the 1040
2007-02-28 14:38:05 · answer #5 · answered by jeff410 7 · 0⤊ 0⤋