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March 5, 2022
Question

How can I report Foreign brokager hidden fees with mismatch 1099-B

  • March 5, 2022
  • 1 reply
  • 0 views

Hello,

 

I meet a uncommon issue.

I have a Hong Kong brokager account, and sold stock during 2021, the brokager generate 1099-B.

In the 1099-B, both checked, Box.12 basis report to IRS, and Box of  Gross Proceeds.

 

The foreign brokager will wire transfer proceeds balance to my U.S. Bank account immediate.

My issue is, there have a significant different in between 1099-B and Bank account (my bank does not charge any fees)

 

For example,

I sold Hong Kong stock that value $10,000 after all of transaction cost, but my U.S. bank account wire receive only $9,500, the 1099-B also report Box.1d $10,000.

It sounds foreign brokager charge hidden 5% fees.

 

My question:

Does these fees eligible to deductible?

If so, how can I enter these into TurboTax?

 

Thanks.

 

    1 reply

    ColeenD3
    March 5, 2022

    Yes, you would adjust your basis to reflect this. In the 1099-B entries, you will find this screen.