1099-B

[nancysmall60]

On the 1099-B where you enter data about any sales it asks for "Total Proceeds (sum of all 1d) and then it asks for "Total Cost Basis (sum of all 1e). I am confused about this because I would think it would ask for the cost basis of 1d, because the proceeds were from d, not e. Please explain. I really don't want to mess this up so I need help about what to enter.

Thank you,
Nancy Small

[ColeenD3]

I'm not sure I follow. 

You said, " Total Proceeds (sum of all 1d). That is correct. Proceeds are in Box 1D.

"Total Cost Basis (sum of all 1e). That is correct. Cost is in 1E

 I would think it would ask for the cost basis of 1d, because the proceeds were from d, not e. 

[nancysmall60]

Thank you for your reply. I am thinking 1e is where it says "basis not reported to IRS". I would think the cost basis for box D would be listed as 2d (even though it doesn't say 2D). It might be the form I am looking at from Wells Fargo.   I just looked at the image you posted and my paperwork is not anything like that.  I will go with what you are saying. 

Thank you

[nancysmall60]

HI,

I am going to rephrase my question:  I have LT gains that were reported to the IRS and that were not reported to the IRS. Can I just combine them and report them both together on one of my sales under Box D Long-Term Covered or do I split them, part under Box D and part under Box E?

Thank you

[DaveF1006 · Accepted solution]

Yes. You will need to report these as two separate transactions, part under D and part under E in the sales category.

[nancysmall60]

Thank you Dave.

Why is part reported and some not reported to the IRS.

Thanks

[DaveF1006]

It depends and a question you would need to ask your broker. Maybe the information wasn't available to them when reported to the IRS.