Question

LOSS OF $2.23 ON 10-99B

Forum|Forum|3 years ago
April 6, 2023
1 reply
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I had a loss of $2.23 on a 10-99B for one stock sale. The cost basis was $12.65. The sale was for $10.42. Do I really need to report this small loss on one sale? What if don't report it will the IRS really care if I don't owe them any tax on the sale?

G

GeorgeM777

Yes, go ahead and report it even though the amount is deminimis. You are correct in that the amount at issue will likely have no impact on your taxes. Nonetheless, the amount is on your 1099-B, and your 1099-B has also been sent to the IRS.

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A

alison2001Author

If I report it I will have to pay a significant amount of money for a Turbo Tax upgrade on the sale of a stock that I lost $2.23 on. What happens if I don't report it? I would not owe taxes or interest on a loss. Will the IRS audit a college student with no job and a small amount of income from stock dividends and $600 cash that was also reported? 2022 will have a total reported income of approximately $2600