turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Non-Covered Proceeds 1099-B

My wife was gifted utility stock several years ago but in 2023 the utility split off part of the company into a separate company with its own stock.  Since the new stock was so small (0.75 shares) it did a cash liquidation.  The 1099-B received for the new stock gave the 1a - Description of Property, and information given in Box 5 with the date the new stock was liquidated in 2023, and the # of shares and price.

 

Question 1)  Since the original stock is a long term investment, but the new spinoff stock was done in less than a year, is this considered a long term or short term investment when reporting it to the IRS? 

 

Question 2) Also not sure how Box 5 and/or the 1099-B is to be reported in TurboTax home & Business?

 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies