ce-jonese
Level 2

On a 1099-B does info need to be entered in the tax return, if it says basis "is reportrd" to IRS, or "is not reported"? Please, How to handle?

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Just-Lisa-Now-
Level 15
Level 15

All transactions need to be reported.


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ce-jonese
Level 2

Hi Lisa!  Thank You!  You said every 1099-B needs to be entered?  If the basis IS or IS NOT reported to IRS.  I appreciate your help!

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Just-Lisa-Now-
Level 15
Level 15

All transactions need to be reported on the clients tax return, whether the basis has been reported to IRS or not.


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ce-jonese
Level 2

THANK YOU!!!

Mohamed
Level 3

Yes, you need to enter all of them and report them the same way it listed on 1099-B, if it was reported, check yes and yes ( reported on 1099-B and reported to IRS) , if basis was not reported, then check yes and no ( yes for reported on 1099-B and no for reported to IRS), also remember you have to report short and long term separately. 

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Jim-from-Ohio
Level 11

been entering totals for  years. never had a single one turn into a problem

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Just-Lisa-Now-
Level 15
Level 15

@Jim-from-Ohio wrote:

been entering totals for  years. never had a single one turn into a problem


Oh I agree, I only enter summaries for each type of transaction, ST, LT, covered or non covered.....but all of them, even the ones that basis is reported to IRS need to be included.


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