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v scar
March 5, 2025
Question

1099 tax form w/cash in lieu (CIL) trade under $20 is in Supplemental Section Not Reported to IRS. CIL sale doesn't show in 1099-B section. Should I report it to the IRS?

  • March 5, 2025
  • 1 reply
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    D
    DavidD66
    March 5, 2025

    Yes, you should report it.  I would use "Various" as the acquisition date.  I always report cash i lieu transactions with a zero cost basis, but I know others that use the amount of cash of cash received, which results in no gain or loss.   

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      v scarAuthor
      March 8, 2025

      When entering those CIL transactions into the 1099-B what Sale Section should they be placed under? 

      Below are the options that could possibly apply:

      1. Long-term basis not reported to IRS (uncovered)
      2. Long-term did not receive 1099-B form
      3. Unknown term not reported to IRS

      These CIL transactions were on my Schwab 1099 tax form in the supplemental section not reported to IRS. 

      Thank you very much! 

       

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