topic 1099 - B in Get your taxes done using TurboTax

1099 - B

Landr42 — Wed, 11 Feb 2026 06:04:16 GMT

I have a 1099 -B Vanguard sold funds to collect Account Service yearly fees . The form looks like i made money when I didn't.

how can i report it so i don't pay taxes on something I didn't get?

Re: 1099 - B

JamesG1 — Thu, 14 Mar 2024 14:55:33 GMT

You should report the IRS form 1099-B. If Vanguard is reporting an IRS form 1099-B to the IRS, the IRS will be expecting you to report that income on your 2023 Federal income tax return.

The Account Service fees are investment expenses and are not deductible for tax years 2018 through 2025. Prior tax law allowed you to report these expenses as miscellaneous itemized deductions subject to 2% of your adjusted gross income.

Some states still allow that deduction. If your state will allow that deduction, enter the fees under Other Investment Expenses under Retirement and Investments and Deductions and Credits on the Federal portion of TurboTax Online. The expenses will flow to the state income tax return.

Re: 1099 - B

Landr42 — Thu, 14 Mar 2024 15:19:20 GMT

Thanks for getting back to me ..

So other words it looks like i made the money instead of losing the money?

Nothing in the 1099 B to report the loss?

Re: 1099 - B

JohnW152 — Thu, 14 Mar 2024 16:00:36 GMT

That's correct.

As JamesG1 explains above, you would've been able to deduct the fees on your federal return under prior tax law, but you can't now.

The 1099-B income is considered taxable, and the fees can't be deducted on your federal return.

Re: 1099 - B

VolvoGirl — Thu, 14 Mar 2024 16:21:43 GMT

I had some fees on a sale and there was a spot on Turbo Tax to enter it and it reduced my gain.

Re: 1099 - B

crash345u — Thu, 14 Mar 2024 17:47:15 GMT

Is there a difference in this case because your fees were directly related to your specific 1099-B transaction but the OP's fee's were for general investment services throuought the year?

Re: 1099 - B

ThomasM125 — Thu, 14 Mar 2024 21:49:02 GMT

Fees directly related to the sale of a security would be allowed as an increase to the cost basis so they would reduce the taxable gain on the sale of a security. Investment expenses that are associated with general investment management duties cannot be deducted in that fashion, as described by @crash345u