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mukeshpbauskar
New Member

If my capital gain is less than one dollar, do I still need add 1099B form??

 
9 Replies
Marketstar
Level 7

If my capital gain is less than one dollar, do I still need add 1099B form??

Yes, you will need to claim the income even if you essentially broke even.

To report investment sales in TurboTax:

  • Click My Account (Top right of your screen).
  • Select Tools.
  • In the pop up window, select Topic Search.
  • In the search bar, type in investment sales
  • Highlight it and select GO, and follow the prompts.

fanfare
Level 15

If my capital gain is less than one dollar, do I still need add 1099B form??

How much less? if it is less than 50 cents, don't report it. Your Schedule D would show nothing and would probably not be attached.

fanfare
Level 15

If my capital gain is less than one dollar, do I still need add 1099B form??

Anyway the IRS is not going to chase you down for the tax on one dollar.
Critter
Level 15

If my capital gain is less than one dollar, do I still need add 1099B form??

It is the gross sales price that the IRS needs reported .... not the net profit or loss.
Marketstar
Level 7

If my capital gain is less than one dollar, do I still need add 1099B form??

Yes, but the IRS has the record of the income and may inquire as to why it was not reported. They may not the have basis information to know the net outcome.
Critter
Level 15

If my capital gain is less than one dollar, do I still need add 1099B form??

Correct .... so all sales need to be entered to report the cost basis or the IRS will assume a zero cost basis for any sales they don't already have on file.
BobB7
New Member

If my capital gain is less than one dollar, do I still need add 1099B form??

And, BTW Schedule D shows Proceeds, Cost, Adjustments, and net Gain or loss (hardly "nothing") and is always attached.
fanfare
Level 15

If my capital gain is less than one dollar, do I still need add 1099B form??

I was assuming a covered transaction. In which case, the net gain is reported to IRS.
BobB7
New Member

If my capital gain is less than one dollar, do I still need add 1099B form??

But Schedule D still shows what I said.
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