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Get your taxes done using TurboTax
If your gross proceeds without basis don't take you over the filing threshold, you don't need to file. However, if they do take you over, you have two options:
1) Filing and reporting the correct basis, even if in the end you are not required to file.
2) Not filing. The IRS may send you a notice asking for your return. You can then explain that you did not have a filing requirement due to not meeting the filing threshold, and show them proof of your basis in securities sold. Hopefully, you have confirmation of the purchases.
Personally, I'd rather not deal with the IRS. Another advantage of filing is that your carried-over loss amount will carry to the next year correctly.
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‎November 16, 2022
3:00 PM