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1099B reported and non reported gains

Forum|Forum|4 years ago
April 7, 2022
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Why is 1099B non reported IRS gains being included with IRS reported gains in Turbo Tax?

Best answer by AmyC

Sale price minus basis =gain/loss. All 1099-B transactions are reported. The ones with no basis must be adjusted by you to the correct basis. When a company is not able to report the basis to the IRS, you must pay tax on the full amount unless you adjust it.

For example: Sell ABC for $100. Basis not reported means $0 basis which is a gain of $100.

Instead, if you know you paid $25 for ABC, then basis is $25 and gain in $75.

You need to pull your purchase information and determine your basis. Many of these companies take over one and another and the basis is lost in the takeover. A good place to start is Topic No. 703 Basis of Assets | Internal Revenue Service.

J

JohnW152

Could you please clarify your question?

Which gains that you don’t think should be reported, are being reported in the TurboTax program?

What Form 1099-B amounts are these?

What IRS reported gains that aren’t on Form 1099-B are you referring to?

Any details you could provide will be appreciated.

P

pilotin99Author

Long-Term Transactions for Which Basis Is Not Reported to the IRS - Report on Form 8949, Part II, with Box E checked. These gains are showing on my Turbo Tax, though no basis is being reported to the IRS.

Thank you, Ray

AmyCAnswer

Employee

Sale price minus basis =gain/loss. All 1099-B transactions are reported. The ones with no basis must be adjusted by you to the correct basis. When a company is not able to report the basis to the IRS, you must pay tax on the full amount unless you adjust it.

For example: Sell ABC for $100. Basis not reported means $0 basis which is a gain of $100.

Instead, if you know you paid $25 for ABC, then basis is $25 and gain in $75.

You need to pull your purchase information and determine your basis. Many of these companies take over one and another and the basis is lost in the takeover. A good place to start is Topic No. 703 Basis of Assets | Internal Revenue Service.

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