These are important in determining the amount of your capital for the year. If you knew approximately what date you acquired the stock, you can put the date in Box 1B. However, if you don't know how much you paid for stock or if there were adjustments in the cost basis, then the entire amount reported in Box 1D is a capital gains tax.
iI you have some paperwork that shows how much you paid for the stock, you may put that in Box 1B and under the sales section, report if it is either a long-term or short-term sale where basis was not reported to the IRS. Keep in mind:
- a long term gain is a stock that you have own for more than one-year.
- a short term gain is a stock you owned one year or less.
You may wish to contact your broker if you aren't sure when stocks were purchased and what amount you paid for the stocks.
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