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anandji47
New Member

After reporting summary asset sales on form 8949. Do I have to attach a summary statement (1099B) from the brokerage to the return?

 
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2 Replies
KenH1
New Member

After reporting summary asset sales on form 8949. Do I have to attach a summary statement (1099B) from the brokerage to the return?

No. If you are e-filing, there is no need to mail in your 1099-B.  The IRS gets a copy from the financial institution, which they match with your tax return (plus any cost basis adjustments due to non-covered transactions, if applicable)

dkreshak
Returning Member

After reporting summary asset sales on form 8949. Do I have to attach a summary statement (1099B) from the brokerage to the return?

Reporting transactions on Form 8949. Generally a taxpayer
must report each transaction on separate row of Form 8949.
Exception 1. A taxpayer may be able to aggregate the transactions and report them on line 1a (for short term transactions) or
on line 8a (for long term transactions) of Schedule D (Form 1040).
The exception applies to transactions for which:
• Form 1099-B shows basis was reported to the IRS and does not
show any adjustments in box 1f or 1g,
• The ordinary box in box 2 of Form 1099-B is not checked, and
• No adjustments to basis or type of gain or loss are needed.
In this case, the transactions are reported on Schedule D (Form
1040) and Form 8949 is not required.
Exception 2. Instead of reporting each transaction on a separate
row of Form 8949, the transactions may be reported on an attached
statement containing all the information of Form 8949 and in a
similar format. Use as many attached statements as needed. Enter
the aggregated totals from each attached statement on a separate
line of Form 8949. Enter the name of the broker followed by the
words “see attached statement” in column (a) of Form 8949. Leave
columns (b) and (c) blank. Enter M in column (f)
along with other codes that apply. Enter the totals
that apply in columns (d), (e), (g), and (h).

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