cpabsd Posted March 31, 2022 Report Share Posted March 31, 2022 Child is 10... received a Form 1099B that reflects $2503 in sales and basis of $2503. Is a return required to be filed? I'm tired and blanking on is the determination of exceeding $1100 investment income is gross sales, or net allowed if basis is reported to the IRS. Quote Link to comment Share on other sites More sharing options...
joanmcq Posted March 31, 2022 Report Share Posted March 31, 2022 File it 2 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 31, 2022 Report Share Posted March 31, 2022 I would file. IRS computer may not note more than the proceeds. And, filing starts the SOL. 2 Quote Link to comment Share on other sites More sharing options...
Lee B Posted March 31, 2022 Report Share Posted March 31, 2022 It depends, if the basis was not reported to the IRS then file. Ir the basis was reported then I wouldn't file. 1 Quote Link to comment Share on other sites More sharing options...
Possi Posted March 31, 2022 Report Share Posted March 31, 2022 3 hours ago, cbslee said: It depends, if the basis was not reported to the IRS then file. Ir the basis was reported then I wouldn't file. Interesting. I like the way you're thinking. 1 Quote Link to comment Share on other sites More sharing options...
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