I have a foreign investment account, and I am trying to figure out where and how to enter the information in TurboTax (I'm using Home & Business) Sale of Subscription Rights-- I have a tax statement that shows Short term Gains, Derivatives and Other Securities, Subscription Right. The sale shows "Issue of Subscription Rights" and a value of $0, then a Sale, Sales Date, $-amount, Sale Fee. Is this entered as a form 1099-B? Is the cost basis $0?Sale of Future-- The tax statement shows Short Term Gains, Futures. The sale shows a Sale $, Sale Fee, Purchase, Purchase Fee. Do I enter this on form 1099-B just like a stock sale? And is the stock name just as written? ("Future on index..." with an ISIN number?)Sale of Receipt of Securities-- The tax statement shows Long Term Gains, Certificates, Receipt of Securities. The sale info shows Receipt of Securities, Sale, and a Long Loss dollar amount. Is this also entered on a form 1099-B, just like a stock sale?

Yes, you will enter your foreign investment account as if they were reported on Form 1099-B To enter your foreign investment account (1099-B) in TurboTax follow these steps: Open (continue) your return, if you haven't already Locate the search bar. Search for 1099-B, then select the Jump to link in the search results Select Okay! on the screen Time to kick off your investments! OR Yes on the screen Did you sell any of these investments? then Continue If you see Your investments and savings or Your investment sales summary, select Add investments or Add more sales When you reach Let's import your tax info, choose how you want to enter your 1099-B: To import your form, select your brokerage or financial institution from the list. Enter your sign-in credentials for your account, then select Get my form If you want to enter your 1099-B manually, select Enter a different way, then select your investment type on the next screen On the following screens, answer the questions about your 1099-B When you reach the Review your sales screen, the form you just entered should be listed If you need to add another 1099-B, select Add another sale. Otherwise, Continue

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Question

Where to enter Capital Gain info from foreign investment account (1099-B)?

Forum|Forum|4 years ago
April 10, 2022
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I have a foreign investment account, and I am trying to figure out where and how to enter the information in TurboTax (I'm using Home & Business)

Sale of Subscription Rights-- I have a tax statement that shows Short term Gains, Derivatives and Other Securities, Subscription Right. The sale shows "Issue of Subscription Rights" and a value of $0, then a Sale, Sales Date, $-amount, Sale Fee. Is this entered as a form 1099-B? Is the cost basis $0?
Sale of Future-- The tax statement shows Short Term Gains, Futures. The sale shows a Sale $, Sale Fee, Purchase, Purchase Fee. Do I enter this on form 1099-B just like a stock sale? And is the stock name just as written? ("Future on index..." with an ISIN number?)
Sale of Receipt of Securities-- The tax statement shows Long Term Gains, Certificates, Receipt of Securities. The sale info shows Receipt of Securities, Sale, and a Long Loss dollar amount. Is this also entered on a form 1099-B, just like a stock sale?

LeonardS

Yes, you will enter your foreign investment account as if they were reported on Form 1099-B

To enter your foreign investment account (1099-B) in TurboTax follow these steps:

Open (continue) your return, if you haven't already
Locate the search bar. Search for 1099-B, then select the Jump to link in the search results
Select Okay! on the screen Time to kick off your investments! OR Yes on the screen Did you sell any of these investments? then Continue
- If you see Your investments and savings or Your investment sales summary, select Add investments or Add more sales
When you reach Let's import your tax info, choose how you want to enter your 1099-B:
- To import your form, select your brokerage or financial institution from the list. Enter your sign-in credentials for your account, then select Get my form
- If you want to enter your 1099-B manually, select Enter a different way, then select your investment type on the next screen
On the following screens, answer the questions about your 1099-B
When you reach the Review your sales screen, the form you just entered should be listed
- If you need to add another 1099-B, select Add another sale. Otherwise, Continue

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Thank you very much for your response.

I have entered my stock sales from this foreign report before.

This year, however, there are some terms I just don't understand (I am not a savvy investor, which is why I pay someone to do it for me).

1. What is a Sale of Subscription Rights? Is it treated like a sale of a stock? Is it entered on a 1099-B, just like the sale of a stock? Here's what my report shows:

--Issue of Subscription Rights, dd-mm-2021, quantity=12,728, rate=0.00, result=$0

--Sale, dd-mm-2021, quantity=12,778, rate=0.16, result=$2,071.40

--Sale fees, dd-mm-2021, quantity=12,778, result= $-4.81

--Gain (short), $2,066.59

Is this treated like a stock sale? Is it entered on a 1099-B?

Is my cost basis $0?

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2. Is the sale of a Future also treated like a stock sale? Do I enter this on a form 1099-B like s stock sale? The sales date is before the purchase date, do I enter it like that?

(It is listed on my report as a "Future on Index XXX", with lines for Sale, Sale Fees, Purchase, Purchase Fees, and Gain (long) dollar amount. It LOOKS the same as a stock sale, except that the purchase date is after the sales date)

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3. Receipt of Securities. Is this also treated like a stock sale? It says "Index Certificate", and the lines are "Receipt of Securities, dd.mm.yyyy, Quantity, Rate, Result"

"Sale, dd.mm.yyyy, Quantity, Rate, Result"

"Gain (short), $xxx.xx"

(In other words, instead of "Purchase" and "Purchase Fees", it lists "Receipt of Securities" instead.)

Is this treated also like a sale of stock?

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Also, separately, when I entered my foreign Dividends onto a 1099-DIV form, there was a check-box for FATCA. Do I check that box? It's from this same foreign investment account, and TurboTax guided me to create a 1099-DIV (just like it directs me to create 1099-B forms for stock sales). Unlike the form 1099-B, the 1099-DIV form offers this FATCA check box, but I'm not clear what exactly checking this box means.