Sale of Stock only reported in year end summary

[nono4taxes]

I sold 50 shares of Fisker Inc on 07/15/24 for 0.00 proceeds.  I purchased the shares on 02/12/21 for $875.  My 1099 B from Schwab does not report it on the 1099 B that is provided to the IRS but shows it on the Year-End Summary that is not provided to the IRS.  

It is listed under Long-Term Realized Gain or (Loss) --"The transactions in this section are not reported on Form 1099-B or to the IRS.  Report on Form 8949, Part II, with Box F checked."

Why is it being treated different than my other sales?  Obviously, I want to claim the $875 loss but would have liked it to be listed on my 1099-B?  Is the IRS fine with listing sales that aren't on a 1099-B??  Can you explain why they listed it in this manner??   Thanks!!

[ThomasM125]

I imagine they aren't reported as they were not actually sold, if they were "sold" for $0. It would seem then that they simply became worthless. It is common to report investment sales that are not reported on a Form 1099-B.

You can report the sale of them as $0 proceeds so you can deduct their cost. You enter investment sales in the Wages and Income section of TurboTax, then Investment Income, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc... Skip the section where it asks if you want to upload your tax documents. Choose Stock, Bonds, Mutual Funds as the type of investment you want to enter. You'll come to a screen where you can enter in your sales proceeds and cost basis.