Yes, entering manually will keep it clean and an import could bring the entire sale which would be much more tedious to maneuver and adjust.
Cost basis is important for your spouse and sibling. The cost, for inherited investments, for each of the siblings is what the value was on the date of death and not what her father paid for them.
You can choose to do summary totals and send a Form 8453 with the 1099 after you receive acceptance of the tax return. I will also provide nominee procedures to use if necessary should only one social security number (SSN) be listed on the 1099-B. Check the actual form in the online account, or review the paper copy if you received it.
- Long term: held more than one year (one year plus one day)
- Short term: held one year or less
Please the information above to properly report your stock sales. Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, Box A short-term covered or Box D long-term covered. Use direct entry if you choose, with summary totals and ignore import.
If you are e-filing your tax return, then mail your statements (1099-Bs or other document showing detailed sales information) along with Form 8453 to:
Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254
Check the box for Form 8949 (this form is really just a cover sheet)
Nominee Returns. This is how the IRS knows what you are doing.
Generally, if you receive a Form 1099 for amounts that actually belong to another person or entity, you are considered a nominee recipient. You must file a Form 1099 with the IRS (the same type of Form 1099 you received). You must also furnish a Form 1099 to each of the other owners.
File the new Form 1099 with Form 1096 (this is a transmittal for the 1099) by mailing to the Internal Revenue Service Center for your area. (Provided on the Form 1096)
- On each new Form 1099, list name of SSN as the payer and the other owner, as the recipient. On Form 1096, list name of SSN as the nominee filer, not the original payer. The nominee is responsible for filing the subsequent Forms 1099 to show the amount allocable to each owner.
The forms filed with the IRS should be the red copy so if you don't have a color printer, go to the IRS website and order the forms here:
Please update here if you have questions and we can help. It sounds like you are a pro and thank you for your continued support. I am sending sympathies to your, your wife and family.
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