GeorgeM777
Expert Alumni

Retirement tax questions

Yes, it is less time consuming if you can report your transactions as a summary rather than listing each one on Form 8949.  Reporting a summary--which is just reporting the sales totals--is acceptable provided you have no adjustments to make.  Sometimes, the cost basis for a transaction needs to be adjusted because of the wash sale rule.  Your 1099-B will reflect a wash sale by including a "W" next to the transaction that results in a loss. Sometimes, if you were awarded a restricted stock unit, or you purchased shares in your company, your cost basis might not be accurate on your 1099-B and therefore will need to be adjusted.  However, if you have no wash sales, and did not receive or purchase stock in your company, then perhaps nothing needs to be adjusted on your 1099-B which means you can just report a summary.  

 

If you find that there are some transactions where you need to adjust the cost basis, you can report those transactions separately and report all the rest in summary.  As noted above, it's better to report sales section totals because it's easier.

 

@teedilo 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post