@ToddL99
@DaveF1006
Sorry to continue to drag this out, but look at the IRS 2020 instructions for 1099-B:
2020 Instructions for Form 1099-B
Page 8, Item Box 1d. Proceeds, Paragraph 1:
Box 1d. Proceeds. "Enter the gross cash proceeds from all dispositions (including short sales) of securities, commodities, options, securities futures contracts, or forward contracts. Show a loss, such as one from a closing transaction on a written option or forward contract, as a negative amount by enclosing it in parentheses."
Seems clear to me that negative amounts in the proceeds box are allowed and expected on 1099-B.
Now I have seen several posts that say negative amounts are not allowed on Schedule D, which I assume is automatically populated by Turbo Tax from the 1099-B. So how do we resolve the inconsistencies for what the IRS expects on the 1099-B vs Schedule D?
Please explain, this is confusing a lot of people.
