long-term capital loss
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chengliu2019
Returning Member

long-term capital loss

I opened a mutual fund with $5,000 many years ago.  By the end of 2018 its value dropped to about $3290. When I sold it in Aug 2019 it valued around $4,335. So it seems like I had some capital gain in the year of 2019. However, I actually lost money since the initial investment of this mutual fund.  How can I claim any of the loss as a long term capital loss? Thank you 

7 Replies
Critter
Level 15

long-term capital loss

On the 1099-B from the broker the sale will be listed ... bought $5000 - sold $4335 = loss $665 period ... it is just that simple.  What happened to the value while you owned it is immaterial.  

VolvoGirl
Level 15

long-term capital loss

And you should have been reporting any dividends each year.  If the dividends were reinvested and bought more shares be sure to add all the purchases to the cost.  A reinvested dividend is really 2 transactions.  A Dividend and then a Buy.  So you might even have a bigger loss.  

chengliu2019
Returning Member

long-term capital loss

But that's not how it appears in the 1099-B form. It shows the gross proceeds of over 4,000 and total gain becomes over 3,000. I cannot understand it! 

Critter
Level 15

long-term capital loss

I would contact the broker if you believe their form is incorrect.  

VolvoGirl
Level 15

long-term capital loss

It doesn't show your Cost for the shares?  The cost basis on the 1099B may be wrong.    Did you sell ALL the shares in the account and fund?   Did you just buy 1 fund?  

chengliu2019
Returning Member

long-term capital loss

there seems to be three kinds funds under this mutual fund account I opened. so, there are three gross proceeds, cost basis etc listed in the 1099B form. However, one of them (the largest sum) shows nothing in the "cost or other basis" box and said its basis is not reported to IRS.  

I did sell all the shares. 

I phoned them to sell and basically closed the account. You think I should contact them to find out?

 

Thanks! 

Critter
Level 15

long-term capital loss

OK ... Look  at the 1099-B carefully ... seems like there are long term covered, short term covered and undetermined sales all of which comprise the total sale ... if you are not understanding how this is reported then talk to the broker to get educated. 

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