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New Member
posted Jun 4, 2019 3:57:22 PM

My sales cat on my 1099-B is Code X. But there is no option to choose code x. so what am I supposed to do?

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3 Replies
New Member
Jun 4, 2019 3:57:23 PM

You will choose Box X - Holding period and cost basis NOT reported to the IRS. I have provided a screenshot below.

New Member
Jun 4, 2019 3:57:24 PM

THEN FOR BOX 2 IT WANTS TO KNOW IF IT WAS LONG OR SHORT TERM

New Member
Jun 4, 2019 3:57:26 PM

If you owned an asset, such as stock, for a year or less before selling it, any gain or loss from a sale is short-term.

If you owned it for more than a year, you have a long-term gain. The distinction is extremely important, since tax rates on long-term gains are generally significantly lower than those on short-term gains.