1099-b with gains/loss for short and long term

[edmfrustrated]

Have an account for 1099-B.  It has nothing in the date acquired and I got around that, but there is a box with Gain/(Loss) and an amount in it for both a short-term and a long-term.  I am at a loss as to how to do this.  Please help.

[DianeW777]

You can simply put the gain amount as the sales price and leave the cost blank.  This will produce the income results you need. You will need two entries since you have both long term and short term amounts.

This will create an accurate return showing all taxable gains from your transaction.

• Search (upper right) > 1099b > Click the Jump to .. Link > begin or add another > Continue to enter your sale

[edmfrustrated]

Thank you.  Question?   Do you mean I put the Gain/Loss box amount into the net proceeds box 1d and leave the cost box 1e blank? Did I understand this right as I followed the help box by putting the gain amount into interest income and adding the same amount to the cost and putting that in the box of corrected gain/loss box.   That made the 1d proceeds and 1e cost the same amount.  Let me know which is better or right.  Thank you.

[DianeW777]

It's definitely not interest income if the reporting form is 1099-B. If you have Form 1099-B you should delete the interest and enter it following instructions earlier in the thread.

It's unclear if you have a cost basis for the stock sale.  If you do you should enter that in the cost basis field once you enter the sales figure from the 1099-B.  Also the long term holding period provides a better tax rate than the short term holding.

[edmfrustrated]

I am sorry, really confusing.   Let me try again. Box 1d the net proceeds has a $ amount in it. Box 1e the cost basis also has a $amount in it which is less than the net proceeds amount. Then there is a Gain/(Loss) box that has a $amount in it that just so happens if it is added to the 1e $amount comes out to be the same as the 1dProceeds box $amount.   This is the same on both the short and long term (only the amounts are different in the 3 I have).  So what you said in the first answer is to put the gain/loss $amount into the sale (which I was assuming that is box 1d proceeds) and change the box 1e cost basis to $0.  Am I understanding that right.

Looks like this:

Name box             1a              1b      1c     1d/6       1e        1g      4           gain/loss        14       15         16

fund name    description   date   date    net       cost or  wash   fed inc                       state   id #        state tax

                              #               acq     sold  proceeds  basis    sale     wthhld                   name                withheld

                                                                       $9999     $888                                $9000       

These are the three boxes filled with $ amounts.  So I move gain/loss to proceeds and change the amount to what Gain/loss is and then 0 out the cost or basis?    

I got what I did from the help box in the program at the gain/loss and what to do with it.  That is where the program tells you to put the gain (and I am not sure if it is a gain or loss how do you tell) into the interest income and so and so forth.  I assume it is a gain as the cost basis is lower than the proceeds and when you add the gain/loss to the cost basis it equals the proceeds.  This is the last thing I have to fix to finish, please help.  Sorry for the confusion on my part.       

[edmfrustrated]

Thank you for your time on this busy day.  I figured it out.