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Photonut
New Member

I sold stock but reinvested the funds to buy other stock. Do I need to show that as income?

On my consolidated 1099 from my stock broker, section 1099-B it only shows item 8 thru 11 with all zeros. However, in the Summary of Proceeds, Gains & Losses, Adjustments & Withholding, it shows an amount for a sale of my Mutual Funds. If the sale is made to acquire funds to reinvest in buying other stocks, why would the funds be taxable if they are reinvested during the same month? Am I using the wrong TT product or am I not understanding something here?

2 Replies
TomYoung
Level 13

I sold stock but reinvested the funds to buy other stock. Do I need to show that as income?

"I sold stock but reinvested the funds to buy other stock."
"On my consolidated 1099 from my stock broker, section 1099-B it only shows item 8 thru 11 with all zeros."

Those two statements conflict so yes, I'd say you are not understanding something here.  IF you sold mutual funds THEN you should receive a 1099-B with at least Boxes 1a, 1c and 1c filled in.  Perhaps you didn't sell mutual funds - though I'd expect you should know that - and perhaps two mutual funds within the same "family" of funds merged, and that's what your seeing in that supplemental information section which is NOT part of the "official" 1099-B?
VolvoGirl
Level 15

I sold stock but reinvested the funds to buy other stock. Do I need to show that as income?

Sorry but it doesn't matter what you did with the sale proceeds.  You have to report all sales and pay tax on any gain.  If the 1099B doesn't have your cost info then you have to enter your cost from your own records.  

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