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micnjudy
New Member

Do I have to report my 1099B's if both are zero capital gain/loss are zero? All of my income is retirement, div, int and under 25k?

In order to report I had to use a more expensive form of Turbo Tax where normally I could use 1040 EZ.

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MichaelL1
Level 15

Do I have to report my 1099B's if both are zero capital gain/loss are zero? All of my income is retirement, div, int and under 25k?

1099B's are to reported even if there is no gain or loss.  IRS matches these documents up with the tax return.

If for example you have a sale of $1,000 and your cost basis is $1,000.  The IRS will send you a letter with the $1,000 sales price and have a zero cost basis and show it as a short-term gain.  

You are correct, with your income level the capital gain if any would not increase the tax on the return, but still must be accounted for.  If not, IRS could be contacting you a year or two from now.  

The choice is yours, I just want you to be aware of this. 

View solution in original post

1 Reply
MichaelL1
Level 15

Do I have to report my 1099B's if both are zero capital gain/loss are zero? All of my income is retirement, div, int and under 25k?

1099B's are to reported even if there is no gain or loss.  IRS matches these documents up with the tax return.

If for example you have a sale of $1,000 and your cost basis is $1,000.  The IRS will send you a letter with the $1,000 sales price and have a zero cost basis and show it as a short-term gain.  

You are correct, with your income level the capital gain if any would not increase the tax on the return, but still must be accounted for.  If not, IRS could be contacting you a year or two from now.  

The choice is yours, I just want you to be aware of this. 

View solution in original post

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