Enter it the same way you would if you had a 1099-B. When you start the investment sale (1099-B) interview, you will be asked ''Did you receive a 1099-B for this sale''. Say No. You will then be prompted to enter all of the pertinent information regarding the sale. This includes:
- A brief description of the item sold, such as “100 shares of XYZ Co"
- The date you bought or acquired it
- The date you sold it
- How much it cost you to acquire it - cost basis
- How much you received for it when you sold it - proceeds
- Whether your broker withheld any federal tax
The 1099-B helps you deal with capital gains taxes. Usually, when you sell something for more than it cost you to acquire it, the profit is a capital gain, and it may be taxable. On the other hand, if you sell something for less than you paid for it, then you may have a capital loss, which you might be able to use to reduce your taxable capital gains or other income.
- You pay capital gains taxes with your income tax return, using Schedule D.
- The data from Form 1099-B helps you fill out Schedule D and Form 8949 if needed.
Where do I enter a 1099-B?
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