topic 1099-B enter Long Term non reported sale in Retirement tax questions

1099-B enter Long Term non reported sale

chao.tc@gmail.co — Tue, 04 Feb 2025 23:29:54 GMT

I imported the 1099-B with a long term cash payment. The box 2 is empty. TurboTax claim that it's short term capital gain and does not allow me to change even in the form view. How can I change this?

Re: 1099-B enter Long Term non reported sale

ThomasM125 — Tue, 04 Feb 2025 23:41:25 GMT

Long or short term is determined by how long you held the stock, not by what you enter in box two. You need to insure the acquisition date is more than one year from the sale date of the stock you entered to have it be treated as long-term.

Re: 1099-B enter Long Term non reported sale

chao.tc@gmail.co — Wed, 05 Feb 2025 05:07:24 GMT

Tom, Thanks for the response! This stock, EMC, was acquired in 2000 with a different brokerage firm. It had a number of corporate actions, evolving from EMC to DELL DVMT, then to DELL C in 2018. I received a 2024 1099-B from the current brokerage firm to "conclude" that 2018 corporate action(Wow! you can go back that long!). The cost basis was not tracked by the original brokerage and hence not reported to IRS. This 1099-B stated that I have a cash payment resulting from the 2018 corporate action. I assume that this cash payment is a long term capital gain with no cost basis. I actually found out how I can select the "long term not reported to IRS" option. So, I'm fine with that. However, Turbotax insisted to have a value in Box 1b, the acquire date. But, it's blank in my 1099-B. What is the acquire date I should fill in? The EMC acquire date or the DELL C conversion date? Thanks for the help!

Re: 1099-B enter Long Term non reported sale

ThomasM125 — Wed, 05 Feb 2025 20:46:39 GMT

You should use the original date you acquired the investment, as you have not contributed any funds since that date or apparently reported any gain from sales involving it until the one you are working on now.

Re: 1099-B enter Long Term non reported sale

chao.tc@gmail.co — Fri, 07 Feb 2025 05:01:15 GMT

Thanks! Tom!