Greetings,
We are retired and do not make enough money to be required to file a tax return. We do not owe any taxes.
However, we have investments with TD Amertrade. We were told that because their 1099-Misc lists "Proceeds", "Cost Basis" and "Grand Total" separately we have to file a 1040 with a schedule D. This year that Grand Total will show a loss. We were told that the IRS will only get a document showing the "Proceeds", which, unless we file a full schedule D they will think the "Proceeds" are income. Is that correct?
thank you,
Andrew
