topic How do I know if I have to report items on Form 1099-B - long term transactions basis not reported to IRS in Get your taxes done using TurboTax

How do I know if I have to report items on Form 1099-B - long term transactions basis not reported to IRS

brianshupak — Sat, 01 Jun 2019 04:57:27 GMT

I have a 1099-B with long-term transactions basis not reported to IRS. Is this taxable? Do I have to report?

Yes, you do have to report all your items on Form 1099-B...

MargaretL — Sat, 01 Jun 2019 04:57:27 GMT

Yes, you do have to report all your items on Form 1099-B on your tax return; the fact that basis is not listed doesn't except it from the reporting obligation. It may be taxable based on the difference between proceeds and the basis. You should look into your old records or call your broker for help finding the basis. Otherwise, the basis will be zero- making the proceeds fully taxable.

The brokers may not always have the basis- for example, you have purchased the stock with broker A, but later sold it with a broker B.

So in the scenario where it was bought through broker A a...

getajob63 — Sat, 01 Jun 2019 04:57:29 GMT

So in the scenario where it was bought through broker A and sold through broker b (inheritance) what can I do to get the cost value