1099-b with gains/loss for short and long term

Forum|Forum|4 years ago
April 15, 2022
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Have an account for 1099-B. It has nothing in the date acquired and I got around that, but there is a box with Gain/(Loss) and an amount in it for both a short-term and a long-term. I am at a loss as to how to do this. Please help.

DianeW777

You can simply put the gain amount as the sales price and leave the cost blank. This will produce the income results you need. You will need two entries since you have both long term and short term amounts.

This will create an accurate return showing all taxable gains from your transaction.

Search (upper right) > 1099b > Click the Jump to .. Link > begin or add another > Continue to enter your sale

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mecartyAuthor

Thank you. Question? Do you mean I put the Gain/Loss box amount into the net proceeds box 1d and leave the cost box 1e blank? Did I understand this right as I followed the help box by putting the gain amount into interest income and adding the same amount to the cost and putting that in the box of corrected gain/loss box. That made the 1d proceeds and 1e cost the same amount. Let me know which is better or right. Thank you.

DianeW777

It's definitely not interest income if the reporting form is 1099-B. If you have Form 1099-B you should delete the interest and enter it following instructions earlier in the thread.

It's unclear if you have a cost basis for the stock sale. If you do you should enter that in the cost basis field once you enter the sales figure from the 1099-B. Also the long term holding period provides a better tax rate than the short term holding.

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