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Level 1
June 7, 2019
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Do I add short-term or long-term transactions when adding 1099-B form?

  • June 7, 2019
  • 1 reply
  • 20 views
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Best answer by MiriamF

Your 1099-B should have subtotaled all of your sales by Sales Category.

You will need to enter each sales category separately. Short Term Covered would be one subtotal; Long Term Covered would be a second entry; Long Term Noncovered (if you have it) would be a third.

The IRS needs the information about which sales are short term and which are long term, since the taxation is very different for those two categories.

1 reply

MiriamFAnswer
Level 8
June 7, 2019

Your 1099-B should have subtotaled all of your sales by Sales Category.

You will need to enter each sales category separately. Short Term Covered would be one subtotal; Long Term Covered would be a second entry; Long Term Noncovered (if you have it) would be a third.

The IRS needs the information about which sales are short term and which are long term, since the taxation is very different for those two categories.