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1099B's need to be entered in TurboTax and accounted for on the tax return.
Even with no gain or loss, when a 1099B is not entered, IRS can send a letter a year or two later and give you no cost basis and show it as short term gain (ordinary income).
So it is best to report all income on the return (especially any information documents such as the 1099B).
1099B's need to be entered in TurboTax and accounted for on the tax return.
Even with no gain or loss, when a 1099B is not entered, IRS can send a letter a year or two later and give you no cost basis and show it as short term gain (ordinary income).
So it is best to report all income on the return (especially any information documents such as the 1099B).
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