sale of stock

[ljwalters]

Client just brought 1099B Basically moved investment from one portfolio to another.

Sold all his JP Morgan

 

Question

3 short term sales one date

30 short term sales another date

 

30 long term sales one date

3 long term sales another date.

 

All covered

 

Can I just combine all sales for each date and have 4 sales if the numbers all come out right.

 

don't know how to do the summaries because of the various dates of sale.

[jklcpa]

Yes, that falls under "exception 1" as described in the instructions for the 8949.  You aggregate the appropriate totals and report them directly on Sch D. No need to use the 8949, and you do not need to attach anything to the return either.  This only applies if all are covered securities and you aren't making any adjustments to the amounts reported on the 1099B.

It's on pg 3 here:

http://www.irs.gov/pub/irs-pdf/i8949.pdf

[Jack from Ohio]

If short term are code "A" You can combine them into one entry.

If long term are code "D" you can combine them into on entry.

[rfassett]

I agree with Judy.  Look at Schedule D line 1a and line 8a.

[Don in Upstate NY]

Yes, that falls under "exception 1" as described in the instructions for the 8949.  You aggregate the appropriate totals and report them directly on Sch D. No need to use the 8949, and you do not need to attach anything to the return either.  This only applies if all are covered securities and you aren't making any adjustments to the amounts reported on the 1099B.

It's on pg 3 here:

http://www.irs.gov/pub/irs-pdf/i8949.pdf

 

Close.  You can't use exception 1 for any transactions that have adjustments, even if the adjustments are shown on the 1099-B.  You pull those transactions out and report them seperately on the 8949, and report the remainder on lines 1a and/or 8a on the D.

[Abby Normal]

I almost never use 1a and 8a on the Sch D because the client usually has other types of transactions and I like the Detail tab on the 8949 to equal the 1099B. Makes it easier for me to check a return because the totals match the 1099B.

[Don in Upstate NY]

I almost never use 1a and 8a on the Sch D because the client usually has other types of transactions and I like the Detail tab on the 8949 to equal the 1099B. Makes it easier for me to check a return because the totals match the 1099B.

 

That's a reasonible position.  Interestingly, some software (e.g. TaxAct) will take any A or D transactions that you enter on their gains worksheet and report them on 1a and 8a, deleting them from the 8949.