Reporting Investments

[MrWho]

When TTax imported my Scottrade information, it listed the final sale of my stock, not the gains from the stock. For example, If I purchased stock for $1K and sold for $3k, shouldn't my sale proceeds be $2K?

[TomYoung · Accepted solution]

No.  The "proceeds" are the amount the buyer paid to you. So $3K would be the proceeds in your example.  Clearly your imported 1099-B's are not listing the basis for the stock which, going back to your example, would be $1K.

You need to look at your actual 1099-B, I think.  I would guess that the broker is not reporting the basis of the stock, which is probably correct if the stock in "noncovered."  I that case the basis needs to come from your own records.

Tom Young