1099B gives 2 acquired dates but stocks were sold from 5 buys. I have trade confirmations for cost basis. Can I enter total sale & total cost basis? Do I send any proof?

[donnajenn]

My form 1099B shows that we sold 117 shares of stock in two sales on the same day (28 shares and 89 shares).  From the trade confirmation sheets, these shares were actually from 5 different buys.  Since I have the sheets, I can figure the cost basis for each of the 5 purchases.  Can I enter the total proceeds and the total cost basis or do I have to find a way to list these separately?  Also, do I need to send any extra documentation to the IRS to prove how I derived the cost basis?  

[fanfare · Accepted solution]

if you sold 117 shares on the same day you can combine basis and proceeds as you described.
In that case enter Date Acquired "various".
the numbers should add up to what is showing on your broker statement.
If the various dates span one year or less  and more than one year from sale date, then you must split ST and LT lots into two transactions instead of one.

[Coleen3]

You need to list each sale separately and calculate the cost for each. The data on the 1099-B must align with what's reported on your return.

[donnajenn]

My second part of the question...do I need to send in documentation about the cost basis at the time that I file online?

[Coleen3]

No.

[donnajenn]

Thanks!