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jkennedylun
New Member

I have stock that was sent to Massachusetts unclaimed property. I am trying to get them back. The broker sent me a 1099-b for them. Do I need to report that 1099-b?

I do not wish to pay taxes on money I haven't received. How do I handle this?

1 Best answer

Accepted Solutions
DianeW
Expert Alumni

I have stock that was sent to Massachusetts unclaimed property. I am trying to get them back. The broker sent me a 1099-b for them. Do I need to report that 1099-b?

Income is required to be reported when you have an unrestricted right to the income.  Right now you do have a case for proof that you have not received the stock and do not know when or if you might take possession.

That being said, the IRS will look for this income on your tax return, so you have two choices.

  1. Claim the income and continue to try to get them back.
  2. Keep your records and documentation as proof you did not have access to the property in 2017 should the IRS question the return at some point (usually takes almost two years for them to reconcile).

If you choose to report the unclaimed property, please use the information below.

You can use various as the purchase date, and the holding period is based on whether you held the stock for more than one year (long term) or one year or less (short term). 

Please follow the steps below for this transaction reported to you on a Form 1099B.

  1. Sign into your TurboTax account (Premier will work for this transaction)
  2. Select Federal in the black navigation panel, left (or tab at top for desktop)
  3. Search (upper right) for 1099b > Jump to 1099b
  4. Continue to follow the screens and make your entry.
  5. Click the images attached to enlarge and view for assistance.

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1 Reply
DianeW
Expert Alumni

I have stock that was sent to Massachusetts unclaimed property. I am trying to get them back. The broker sent me a 1099-b for them. Do I need to report that 1099-b?

Income is required to be reported when you have an unrestricted right to the income.  Right now you do have a case for proof that you have not received the stock and do not know when or if you might take possession.

That being said, the IRS will look for this income on your tax return, so you have two choices.

  1. Claim the income and continue to try to get them back.
  2. Keep your records and documentation as proof you did not have access to the property in 2017 should the IRS question the return at some point (usually takes almost two years for them to reconcile).

If you choose to report the unclaimed property, please use the information below.

You can use various as the purchase date, and the holding period is based on whether you held the stock for more than one year (long term) or one year or less (short term). 

Please follow the steps below for this transaction reported to you on a Form 1099B.

  1. Sign into your TurboTax account (Premier will work for this transaction)
  2. Select Federal in the black navigation panel, left (or tab at top for desktop)
  3. Search (upper right) for 1099b > Jump to 1099b
  4. Continue to follow the screens and make your entry.
  5. Click the images attached to enlarge and view for assistance.

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