Margaret CPA in OH Posted April 13, 2017 Report Share Posted April 13, 2017 New client received stock (never actually in her hands) in divorce. Stock was held in husband's name in closely held business. That company bought 300 shares for $143,000 and provided Form 1099-B. A company that invested in that business bought 300 sh from client for $143,000 and insists they are not required to report on this form. So do I just use Form 8949 Box "F-LT-Form 1099-B not received"? Seems that is no matching possibility or proof of cash received. Is this an issue for which I need to be concerned? Quote Link to comment Share on other sites More sharing options...
Max W Posted April 13, 2017 Report Share Posted April 13, 2017 I would want to see a cancelled check, or some paper trail substantiating the purchase. I would never let a client "set" their own basis on such a large amount. Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted April 13, 2017 Author Report Share Posted April 13, 2017 Thanks for the reply. However, my client received the money, not paid it out. The basis to my client was documented in the divorce paperwork. I have no control over the company that bought the stock from her properly recording what they paid for it. I believe my client received the $143,000 and believe the basis in the divorce document. I'm just not used to reporting stock sales without a 1099-B. As ATX has an option that none was received, guess I will just go with that! Quote Link to comment Share on other sites More sharing options...
jasdlm Posted April 13, 2017 Report Share Posted April 13, 2017 I wouldn't expect a 1099-B on a stock sale from a closed corporation. I would report on 8949 with no 1099 received. 1 Quote Link to comment Share on other sites More sharing options...
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