Need Clarification about Form 8453 and 8949

Forum|Forum|5 years ago
February 7, 2021
2 replies
26 views

Hi Friends,

I need help in understanding the requirement of sending the hard copy of Form 8949 after filing the return electronically. I have short term and long term captial gain from sales of shares during the year and received Consolidated 1099 from the brokerage firm. Can i whether I have to send the Form 8453 even if I file the return electronically. If yes, what all documents I have to submit.

Please advise.

Thanks,

Kiran

Not A Product Question

Mike9241

Level 15

on the 1099-B there were various categories of trades

types A & D where sales amount and cost were reported to the IRS. there may be wash sales involved

types B & E where sales amount but not cost were reported to the IRS

Types C & F proceeds and costs not reported to IRS

the detail of all trades reported on form 8949 must be submitted to the IRS either by completing the form for each trade or sending the 1099-B to the IRS using form 8453

details of trades types A & D properly reported directly on schedule D lines 1a or 8a do not have to be submitted to the IRS.

Mike9241

kiran885Author

Level 2

Thanks for the response and my transactions comes under Type A and D. I received the consolidated 1099 statement from Ameritrade. Can i know how to provide the transactions to avoid sending the documents separately after filling e return.

I understand that if we provide transactions for each sale in the return than we donot need to send the form separately. If we are giving the summary of the transactions like total of sales and total cost we have to send the entire 1099(8949) statement through mail to IRS.

Please confirm as I prefer to avoid sending the statements through mail, if there is any option available.

Thanks,