Dan Posted February 20, 2009 Report Share Posted February 20, 2009 Question: I have a 1099-B which says (Box 2) Total Gross Proceeds From Securities = $6808.48 Below this it says "details reported to the IRS is listed in the Capital Transaction Summary" In the captial transactions summary it says the stock was sold on 12/3/2008 and comparable stock was bought on 12/3/2008. The stock had a short and long term capital loss. In order to get the sold and bought amounts to the same amount, shares were acquired through dividend reinvestment. So that the same amount bought was $6808.48 Stock sold was Nuveen Tradwinds VAL OP C Stock bought was Nuveen NWQ MLTI CP VAL C Question: What is the transaction type of this stock. Question: What do you do with the amount stated in box 2 on the 1099-B statement. Thanks for your help!!!! Quote Link to comment Share on other sites More sharing options...
JRS Posted February 20, 2009 Report Share Posted February 20, 2009 The purchase price of the new fund does not enter in to the transaction. Question: What is the transaction type of this stock - Sch D input screen trans type 1 non business G/L Question: What do you do with the amount stated in box 2 on the 1099-B statement - That is the proceeds from the sale. You need the cost basis in the original fund to figure the G/L on the transaction for Sch D. Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted February 20, 2009 Report Share Posted February 20, 2009 Yep, you hit it right on the head. Good luck on finding the cost basis and date of purchase. Alot of brokers expect their clients to keep up wih that information. Terry D. Quote Link to comment Share on other sites More sharing options...
David1980 Posted February 20, 2009 Report Share Posted February 20, 2009 Yep, you hit it right on the head. Good luck on finding the cost basis and date of purchase. Alot of brokers expect their clients to keep up wih that information. Terry D. Well, I'll usually show the taxpayer a "various" short-term date with $0 basis and that motivates them to either find it or yell at their broker until the broker caves. I don't have too much pity for the taxpayers on this though, if you have the money to invest in stocks you should do the minimal research necessary to determine what records to keep. Or ask me when I'm doing the tax return and I'll tell you. Whatever you do though don't randomly do stuff with money without understanding all the consequences. Quote Link to comment Share on other sites More sharing options...
Don in Upstate NY Posted February 20, 2009 Report Share Posted February 20, 2009 ... Whatever you do though don't randomly do stuff with money without understanding all the consequences. ... Too late. They already passed the stimulus bill. :dunno: Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted February 21, 2009 Report Share Posted February 21, 2009 Good one Don! taxbilly Quote Link to comment Share on other sites More sharing options...
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