from 1099B have a few $ gain from probably
a partial sale...not sure
stock name & cash/lieu of few $ listed, no
share amount
in the past i would list 1 share & a reasonable buy value, and + the gain value to obtain a sell value
such that the difference would agree with the
1099B gain
i was afraid that leaving the share # and buy $
omitted would "tilt" the return
appreciate any comments
thanks
2007-03-10 03:39:30 · 4 answers · asked by luckyhenry 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
If you received cash in lieu, just write "cash in lieu" as the description on Sch. D with the $ amount as the proceeds. The cost is zero. This was just cash received for fractional shares.
Your total proceeds per 1099 should agree to the total proceeds on your Sch. D.
2007-03-10 13:21:35 · answer #1 · answered by tma 6 · 0⤊ 0⤋
The 1099B lists the proceeds from the sale. YOU are responsible for knowing what your basis is and calculating the gain on Schedule D.
If you are fudging the numbers on Schedule D to equal the 1099B proceeds, you are actually reporting more gain than you had and are paying more tax than you should be.
You MUST report the figures accurately on Schedule D. Any attempt to "work" the numbers can trigger further scrutiny from the IRS.
2007-03-10 17:16:20 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You are responsible for knowing what the cost was. If you leave it blank, it will be 0. If all purchases were done through a broker, the broker may be able to give your cost.
2007-03-10 12:59:05 · answer #3 · answered by CarVolunteer 6 · 0⤊ 0⤋
Call the broker and ask for more detailed info.
2007-03-10 11:51:14 · answer #4 · answered by Judy 7 · 0⤊ 0⤋