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1099-B Transactions with Box B Checked


Yardley CPA

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Client with 25 stock sale transactions listed.  All have the necessary information to populate Schedule D and 8949.  There are no adjustments to any of the transactions.  Can I use the grand total figures and show one entry for the total amount of proceeds and one entry for the total cost on line 2B or must each be listed separately?  

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FROM THE FORM 8949 INSTRUCTIONS:

Exceptions to reporting each transaction on a separate row.

There are exceptions to the rule that you must report each of your transactions on a separate row of Part I or II. Any taxpayer who qualifies can use Exception 1 or Exception 2 below. Taxpayers who file Form 1120-S or Form 1065 and other qualified entities should see Special provision for certain corporations, partnerships, securities dealers, and other qualified entities, later.

Exception 1.

Form 8949 isn't required for certain transactions. You may be able to aggregate those transactions and report them directly on either line 1a (for short-term transactions) or line 8a (for long-term transactions) of Schedule D. This option applies only to transactions (other than sales of collectibles) for which:

You received a Form 1099-B (or substitute statement) that shows basis was reported to the IRS and doesn't show any adjustments in box 1f or 1g;

The Ordinary box in box 2 isn’t checked;

You don't need to make any adjustments to the basis or type of gain or (loss) reported on Form 1099-B (or substitute statement), or to your gain or (loss); and

You aren’t electing to defer income due to an investment in a QOF and aren’t terminating deferral from an investment in a QOF.

If you choose to report these transactions directly on Schedule D, you don't need to include them on Form 8949 and don't need to attach a statement. For more information, see the Schedule D instructions.

If you qualify to use Exception 1 and also qualify to use Exception 2, you can use both. Report the transactions that qualify for Exception 1 directly on either line 1a or 8a of Schedule D, whichever applies. Report the rest of your transactions as explained in Exception 2.

Exception 2.

Instead of reporting each of your transactions on a separate row of Part I or II, you can report them on an attached statement containing all the same information as Parts I and II and in a similar format (that is, description of property, dates of acquisition and disposition, proceeds, basis, adjustment and code(s), and gain or (loss)). Use as many attached statements as you need. Enter the combined totals from all your attached statements on Parts I and II with the appropriate box checked.

For example, report on Part I with box B checked all short-term gains and losses from transactions your broker reported to you on a statement showing basis wasn't reported to the IRS. Enter the name of the broker followed by the words "see attached statement" in column (a). Leave columns (b) and (c) blank. Enter "M" in column (f). If other codes also apply, enter all of them in column (f). Enter the totals that apply in columns (d), (e), (g), and (h). If you have statements from more than one broker, report the totals from each broker on a separate row.

Don't enter "Available upon request" and summary totals in lieu of reporting the details of each transaction on Part I or II or attached statements.

.Exception 2 is not available for the election to defer eligible gain by investing in a QOF. Taxpayers who elect to defer eligible gain must report the details of each investment in a QOF on Form 8949 in the manner described under How To Report an Election To Defer Tax on Eligible Gain Invested in a QOF, later.

 

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5 minutes ago, jklcpa said:

Instead of reporting each of your transactions on a separate row of Part I or II, you can report them on an attached statement containing all the same information as Parts I and II and in a similar format (that is, description of property, dates of acquisition and disposition, proceeds, basis, adjustment and code(s), and gain or (loss)). Use as many attached statements as you need. Enter the combined totals from all your attached statements on Parts I and II with the appropriate box checked.

Thank you both.  I'm going to attach a pdf of the 1099-B to the return which shows each transaction.  Appreciate the responses.  

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14 hours ago, Abby Normal said:

I've only done totals for over 10 years and I never attach anything and no one's yelled at me yet. I don't care what form instructions say. They are not the law.

If I get yelled at for not attaching the pdf, I'm implicating you as well Abby.  Just be forewarned!  

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