1099 B

[ljwalters]

Mutual fund list all the sales with same tin does that mean I can use the totals only? Or do I have to list all the penny sales. some gains and losses of $0.20 only?

[TaxCPANY]

Hi, jwalters,

If, in your second sentence, you mean 'input' by "list," you still can go the Form 8453 route -- i.e., on Schedule D simply input two rows (one if only short- OR long-term transactions): the total short- and long-term proceeds and basis, with the legend "See Form 8453 attachment," Date acquired as "Various," and date of latest sale as Date sold. Check the Schedule D-1 box on Form 8453, and snail-mail it with the realized gain/loss details to the Service Center in Austin where all 8453's go.

I don't understand your first sentence, I'm afraid. Hope this helps, TaxCPANY

[ljwalters]

Client purchases mutual fund A. Mutual fund A buys and sells penny stock and reinvests everything into new stocks. Reports on 1099B all these sales with mutual fund’s tax ID #. Do you input all the sales or just the profit or loss from Mutual fund A as one entry?

There is no brokerage firm involved. This fund is doing real well, but they do not send a report in the right order to mail with the 8453.

[BulldogTom]

this sounds strange to me. When I invest in a mutual fund, I expect to only recieve dividends or capital gains distributions. If I buy one share of Mutual Fund A for $X.xx and I don't sell it, the only thing that comes to my tax return is dividends and capital gain distributions. The Mutual Fund should be figuring all of that out for you.

Are you sure it is not a "Bernie" mutual fund?

Tom

Lodi, CA

[ljwalters]

No Bulldog. I actually check the mutual fund out with my broker and he said it was good and actually doing better than most.

[Dale in IN]

I e-filed a return the middle o Feb. and I only listed 2 entries. go to the Form input and list short term on 1 and on the other list the long term . Do this for each 1099 B and it should go through. I use form 8879.

[TaxCPANY]

<p> </p>

<div>I would input only the totals, jwalters, and concoct a way to send the details via Form 8453 to the Service. (This doesn't supplant Form 8879, Bulldog, but, rather, supplements it. (E-file is one of the greatest innovations since I started practicing!)) With Form 8453 merely as a 'cover page' to attachments, I have avoided subsequent CP2000 notices -- as well as having cut input time to the bone. Several of my clients generate over a dozen pages of trades -- upto 40+ -- each year.</div>

<div>Now, I think you're saying that Mutual Fund A's reports are like those from independent e*Trade accounts -- as those of a &quot;clearing house&quot; rather than a broker? There yet should be a way to compile those into a series of pages to attach to Form 8453. My clients send me everything from their own Excel sheets to handwritten rows on lined paper, that I have forwarded to the Service via Form 8453. What would be the &quot;right order&quot; in which you're not getting the transactions?</div>

<div>Overall, as long as the Service receives both a Schedule D tying-in to total proceeds of capital-asset transactions *and* the details -- in some fashion -- compliance requirements would seem to have been met.</div>

<div>Your re-remarking Mutual Fund A's &quot;TIN&quot; still puzzles me. Surely, your client's SSN also is used on the Form 1099-B, and MFA's EIN is reported as payor?</div>

<div>Thanks for your tolerating my stumbling attempts to help.</div>

[michaelmars]

just make sure total sales matches, don't just put the gain or loss in. this would most likely preemt a cp-2000. do a long and short line for each brokerage acct.