Question

I forgot to enter 1099-B from stocks

Forum|Forum|5 years ago
February 3, 2021
1 reply
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I sold a small stocks but I forgot to enter it once I filed my taxes I only had a gain amount of 3$ Or so does that effect me ?

D

DavidD66

If the cost basis was reported to the IRS, and the gain was only $3, I wouldn't worry about. I doubt the IRS will bill you for $1. If the sales proceeds were significant, and the cost basis was not reported to the IRS, then the only information the IRS will have is the proceeds. They will treat that amount as the amount of gain. In this case they will propose a change to your return. You can reply and tell them what the cost basis is once that happens.

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