turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

1099-B question on reporting sale

I sold a small number of Warner  brothers stock that spun off AT&T this year. I posted a question in another Forum as to how to calculate the cost basis. Because the AT&T was gifted to me 30+ years ago , it seemed easier just to put a zero in the cost basis when prompted during the interview and just pay the tax on the $200 payment I received from the sale .

 

 

I was able to import the 1099B information from  computershare. 

 

It brought in exactly what I see on the paper 1099B.   My question is since I sold 18 shares all at once, why does the 1099B break the sale up into 2 rows?

 

On the form row one has the following information.  Applicable checkbox on form 8949 has an X.  Under description it says 9 of 18 shares sold. There is no date aquired. Under date sold is the date I sod  them. Proceeds is $105. The check if noncovered security has an X.

 

Row 2 has a D under the applicable check box on Form 8949. It again says 9 of 18 shares sold under description. It again has the same date of sale as row 1. Proceeds is $95.  Cost basis is $286. Type of gain or loss is Long Term.  Finally there is an x under check if basis reported to irs. 

 

At some point during th TT interview I selected that the sale was a derivative of a gift and that I needed to change the cost basis.  I put 0 in. But I believe I had to do this twice once for each row.

 

Does this one make sense? 

 

I ask because I did find a  Capital gains and loss schedule generated this year.

 

It says proceeds sale price $200 cost basis $285. Gain or a loss negative $87.

 

Capital gains distribution $118 . Net long-term capital gain or loss $31.

 

Does any of this make sense? where did $118 and $31 come from.  Did I answered questions wrong along the way. I thought I would just be having a capital gain of the Two hundred bucks...

 

I know this isn't much. And I shouldn't get worked up about it but I'd like to do it right. 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

1099-B question on reporting sale

 
1099-B question on reporting sale
 

I sold a small number of Warner  brothers stock that spun off AT&T this year. I posted a question in another Forum as to how to calculate the cost basis. Because the AT&T was gifted to me 30+ years ago , it seemed easier just to put a zero in the cost basis when prompted during the interview and just pay the tax on the $200 payment I received from the sale .

 

 

I was able to import the 1099B information from  computershare. 

 

It brought in exactly what I see on the paper 1099B.   My question is since I sold 18 shares all at once, why does the 1099B break the sale up into 2 rows?

 

the broker has no tax basis or other info for the 9 shares code X

so I would use $0 cost - trying to be practical based on the $$$ involved. You won't get any argument from the IRS

 

 

On the form row one has the following information.  Applicable checkbox on form 8949 has an X.  Under description it says 9 of 18 shares sold. There is no date aquired. Under date sold is the date I sod  them. Proceeds is $105. The check if noncovered security has an X.

 

Row 2 has a D under the applicable check box on Form 8949. It again says 9 of 18 shares sold under description. It again has the same date of sale as row 1. Proceeds is $95.  Cost basis is $286.

Type of gain or loss is Long Term.  Finally there is an x under check if basis reported to irs. 

Code D tells the taxpayer and IRS both proceeds and tax basis reported  to IRS on long term hiooldings. I would use what they gave you for cost.  

 

the only strange thing is that the total proceeds are $200 but not split 50/50 since the same number of shares was sold in each lot. 

 

 

 

 

1099-B question on reporting sale

Re...

the broker has no tax basis or other info for the 9 

 

Confusing... A t and t spun WB off and I immediatly least although not sure why they would report it the way they do or what exactly I was supposed to type into turbo tax...

 

Anyone have any other thoughts on mybfirst post?

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies