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Where do I deduct commissions and fees for stock trades?

Forum|Forum|7 years ago
June 4, 2019
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TurboTax Premier Online

Best answer by HelenaC

The commissions would be deducted from the Sales Proceeds. In most cases the amount reported has already been reduced by any fees or commissions.

However, if you need to report fees, commission, or other sales expenses that were not subtracted from the proceeds reported on Form 1099-B, you can enter these expenses by selecting 'This sale involves an employee stock plan (including ESPP) or an uncommon situation' for this transaction.

See the screenshot below.

H

HelenaCAnswer

Employee

The commissions would be deducted from the Sales Proceeds. In most cases the amount reported has already been reduced by any fees or commissions.

However, if you need to report fees, commission, or other sales expenses that were not subtracted from the proceeds reported on Form 1099-B, you can enter these expenses by selecting 'This sale involves an employee stock plan (including ESPP) or an uncommon situation' for this transaction.

See the screenshot below.

R

roynkosa2

Where do I deduct commissions and fees for stock. I have made loss in the trading. 1099 from TD Ameritrade is not reflecting the commission and regulatory fee. thank you

JohnB5677

The IRS does not allow you to write off transactions fees, such as brokerage fees and commissions, when you buy or sell stocks. Instead, you can add the amount of those fees to the purchase price of your stock. The purchase price plus the cost to acquire your stock equals your cost basis.

TurboTax has made allowances to make this correction.

When posing in the Stock area there is a check box.
Under Box 1e - Cost or other basis
1. Report the basis as it shows on the brokerage firm
Below that you will see
1. The cost basis is incorrect or missing on my 1099‑B
2. Check this box and .. Continue
Let us know if any of these situations apply to this sale
1. None of these apply .. Continue
We noticed there's an issue with your cost basis...Let us know if you'd like to make any changes
1. I know my cost basis and need to make an adjustment
2. Enter the adjusted amount