I changed my investment account from one firm to another. I received a 1099b from the old firm, but all the proceeds were reinvested in a new investment account.

[mb76nb]

Do I need to report the 1099b as income, since the money is still in an investment account?

[Coleen3 · Accepted solution]

Yes, if you received a 1099-B, you must report the income. It doesn't matter what happens to the money after the sale. Check with your former broker to find out why they issued you a 1099-B. They should have been able to transfer in kind. Find out if these securities were actually sold.

[Edited 3/15/2019 [4:15PM]

[Coleen3]

How can my answer be more helpful?

[Coleen3]

Edited answer.