The idea of a 1099-b worksheet is good. The design and functionality of this one is terrible. Did they have any accountants actually help them design it? Trying to do a sale of land for one client and sale of second home for another and I'm trying to follow instructions and intuit "help" but I'm not finding this easy at all. Either I'm getting old or this make no sense at all.
I do have a question regarding 1099-B Brokerage and Barter. A son was given stocks as a gift. The mother gifted $15,000 and the father gifted $15,000. The investment firm issued various 1099's (dividends and proceeds from sale of certain stocks) which was reported on Proseries.. In addition, the consolidated 1099-B shows the full amount of proceeds gifted but this should not be reported unless there is a sale, correct?
No, that is what is odd. The investment company issued the 1099-B to the son. I should not have to report the transfer of the $30,000 but rather the dividend income the son received and the sale of certain stocks during 2020.
The SON sold the stock given to him be the parents. The 1099-B goes to whomever sold the stock. I hope the parents have the cost basis of the stock purchases from the parents. He will need this to determine the taxable gain.