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manojyxg
New Member

I have Sold Stock in India for which I don't have 1099-B form because there its not generated. How can I report foreign CAPITAL gain/loss?

 
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5 Replies
MinhT1
Expert Alumni

I have Sold Stock in India for which I don't have 1099-B form because there its not generated. How can I report foreign CAPITAL gain/loss?

You can report your stock sales in India just as if you had received 1099-B forms in the Investment Income > Stocks, Mutual Funds, Bonds, Other Section.

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manojyxg
New Member

I have Sold Stock in India for which I don't have 1099-B form because there its not generated. How can I report foreign CAPITAL gain/loss?

In online tool I selected the option that I did not receive the 1099B. Since I have more than 4 transaction, I was asked to enter gross purchase cost and sell proceeds for short term and long term. But then tool is asking me to either upload for 1099 or send form 1099 by post which I don't have. What should I do?

manojyxg
New Member

I have Sold Stock in India for which I don't have 1099-B form because there its not generated. How can I report foreign CAPITAL gain/loss?

In online tool I selected the option that I did not receive the 1099B. Since I have more than 4 transaction, I was asked to enter gross purchase cost and sell proceeds for short term and long term. But then tool is asking me to either upload for 1099 or send form 1099 by post which I don't have. What should I do?

 

Also as this is foreign gain/loss do I need to fill additional form to report that it is loss/gain on foreign income? How will that happen?

KristinaK
Employee Tax Expert

I have Sold Stock in India for which I don't have 1099-B form because there its not generated. How can I report foreign CAPITAL gain/loss?

Make sure that you did not select Enter sales section totals. This is where the software prompts to upload or mail the 1099-B. If you've entered all transactions manually and separately and did select Enter sales one by one, ignore the prompt. You are not required to provide that information to the IRS. 

 

Also, make sure that you've selected "Basis not reported to the IRS" under the Sales section. 

 

If you have a foreign financial asset, you might be subject to FBAR filing requirements. As well as Form 8938. Please read more about it here

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I have Sold Stock in India for which I don't have 1099-B form because there its not generated. How can I report foreign CAPITAL gain/loss?

Right.

The important part is entering the operations one by one. If you enter summary TTax will keep pestering you about the 1099-B.

 

It seems that the reason is that entering one by one you specify dates so it can be vaildated if they are really long or short.

 

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