Yardley CPA Posted February 22, 2020 Report Share Posted February 22, 2020 Client has a significant number of transactions, both short-term and long-term. Short-term is Box A, Long-term is Box D. Just confirming that the totals can be input into the Schedule D directly on lines 1a and 8a, without having to complete 8949 with individual transactions? Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 22, 2020 Report Share Posted February 22, 2020 Yes, as long as basis is reported to IRS, and there are no codes and dollar amounts for adjustments, then totals can be used. I've had some with all basis reported and with tiny amounts for wash sales that I still reported using only totals and never heard from IRS. If they ever ask, I'll send that page of the broker summary. Gain was correctly reported. 2 1 Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted February 22, 2020 Report Share Posted February 22, 2020 I've rarely done this in the past, but I've already done this twice this year. But if they also have any other codes, or multiple brokerage accounts, I put them ALL on 8949 so I can match totals on the Detail tab. 3 Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 22, 2020 Report Share Posted February 22, 2020 ^ Yes, what Abby said. With multiple accounts, I have individual line items on the 8949 for each short or long grouping that ties back to each account, and I use a simple description something like "S/T - basis reported". The description is redundant since it shows in that section of the 8949 already. 4 Quote Link to comment Share on other sites More sharing options...
Roberts Posted February 23, 2020 Report Share Posted February 23, 2020 If applicable for each 1099 I do a Long Term basis reported, Long Term no-basis reported, Short term basis reported, Short term no-basis reported. I've been doing that for several years and have never had a problem. Some people may have 4-5 1099s so that still ends up being a lot of entries but nothing like the alternative. 3 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.