Nuts and bolts question here: If all of the 1099-B transactions are already reported to the IRS, and if I report the correct aggregate totals for short and long term cap gains, capturing pertinent things such as wash sales, etc., is there any need to report all of the detailed transactions and/or uploading the detail? I'm struggling to see the point if the figures reported on the return are correct in the aggregate.
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You do not have to enter every transaction. You can follow the steps below for an IRS acceptable alternative.
Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, "Box A short-term covered" or "Box D long-term covered." You'll enter the summary info instead of each individual transaction.
Thank you, This makes a lot of sense, but I thought I read somewhere that summarizing implies the need to upload the details. I would assume that retaining documentation to substantiate the summarization is sufficient in the event of an audit. I appreciate it!
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