When you're doing your federal income taxes, what do you do with a "Form 1099-B"?

Question

I sold some stock this past year and received a 1099-B. I don't know if I have to include it with my taxes. If it's true that I need to fill out a Schedule D, what if I don't remember when I obtained the stocks and at what price I obtained them? Any information is appreciated.

I sold some stock this past year and received a 1099-B. I don't know if I have to include it with my taxes. If it's true that I need to fill out a Schedule D, what if I don't remember when I obtained the stocks and at what price I obtained them? And how do I tell if I've had a Capitol Gain or Loss? Any information is appreciated.

Answer 1

Did you sell stock during the year? The 1099-B reports gross proceeds you received from any sale or cash-in-lieu for fractional shares received.

This information gets reported on Form 1040, Schedule D. You will need to provide the #shs stock sold, date acquired, date sold, and the proceeds received. You will either have a capital gain or loss.

Capital losses are only deductible up to $3,000 in excess of capital gains.

Perhaps your broker can provide you with a capital gains report, or the cost basis of stocks and dates they were purchased. It is your responsibility, however, to keep this information. If you don't remember exactly when you purchased them, perhaps you can remember an approximate date and look up a historical quote online. If you sold the stock for more than your purchase price, you would have a gain, and vice-versa.

Here are the instructions for Schedule D:
http://www.irs.gov/instructions/i1040sd/ch02.html#d0e836

Answer 2

The Schedule B will show the date of sale, sales price, and number of shares sold.

Call your broker and ask him for the purchase date and purchase price.

If you can't get that information from your broker, estimate when you bought the stock and look up the price under historical prices on Yahoo Finance.

Then, put all this information into Schedule D. The gain or loss will be transferred to Form 1040. Taxes are figured using a worksheet.

Best to get a software package or use a preparer, it will save you time.

Answer 3

You need not include the form with your return; you just use the information to do Schedule D. If you cannot recall the purchase price of the stock, ask your broker, who may have the records, and even if not, can provide a range of purchase prices from which you can take an average. If you do this, include a statement with your return.

Answer 4

any 1099 is a miscelanious income, a 1099-b is usally sent by respective investiment brokers to the investor for some sort of non-retirement account such as stock, bonds, commodities, etc. I believe this is mainly for the purpose of recordskeeping and does not affect your tax liability.

Answer 5

I believe a 1099-B is for when you have to claim any money that you may have withdrawn from any pension funds that you cashed out.