Small Stock Sale Report to IRS or Not ? = $5.04

Tom in Raleigh · ‎April 08, 2024

This particular stock sale is a very "small spinoff" by Kellogg

total proceeds is only $5.04

It does not show on the (Schwab 1099 composite)

"Long Term Transactions for which basis is reported to the IRS"

only on the

"Year end summary information not provided to the IRS.

Should I report it ?

Please advise - TIA,

Tom

JohnB5677

The IRS states that all income should be reported.

If you haven't filed your taxes yet, I suggest you include it.
If you have filed your taxes, I do not suggest filling an amended return for that small amount.
That oversight is minimal and the IRS may simply overlook it.
If not you will get a letter in the mail stating yo owe about $1.00 in taxes.

Please contact us again with any additional questions or to provide some additional details.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

JohnB5677

The IRS states that all income should be reported.

If you haven't filed your taxes yet, I suggest you include it.
If you have filed your taxes, I do not suggest filling an amended return for that small amount.
That oversight is minimal and the IRS may simply overlook it.
If not you will get a letter in the mail stating yo owe about $1.00 in taxes.

Please contact us again with any additional questions or to provide some additional details.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Tom in Raleigh

John - Thanks !

Do you have an Intuit account?