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Investors & landlords
Shares of stock received or purchased through a stock plan are considered income and generally subject to ordinary income taxes. Additionally, when shares are sold, you'll need to report the capital gain or loss.
If your financial institution reported incorrectly that you sold stock when you didn't, then you need to get that corrected asap (as JamesG1 said earlier).
The IRS will also get a copy of that incorrect 1099-B and think that you did sell stock, but wonder why you didn't report it on your tax return (thus causing a delay in processing your return, possibly charging you a tax liability, etc.).
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‎February 20, 2024
1:57 PM