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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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.
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.
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