Question

stock sales

Forum|Forum|5 years ago
April 30, 2021
1 reply
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One of my stock sales in 2020 was acquired in 2005, the statement received from the stock broker indicated that the cost bases and date acquired for that stock were not reported to IRS however the gross proceeds were reported.

While completing my income section, the total proceeds from that stock sale were included in my income and the software showed an excess of $3000 refund; once I entered the cost bases and date acquired for that stock, my refund dropped to $1,900. Can you please explain?

I though once I enter the cost bases my refund would increase as the cost bases reduces my proceeds from the sale; however the exact opposite occurred. Appreciate your help

B

Bsch4477

Employee

My guess is that the program did not calculate your stock gain and associated tax liability until you completed the entire entry. Look at your SchD to confirm that the correct gain was calculated.