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High Volume 1099B on Sch D

parvitstax
Level 3

I have seen a few responses on this just wanted to see if someone can confirm.

 

If there are wash sales can I just create a line entry as:

Description: Brokerage Name (see attachment)

Date sold: 12/31/20

Date Acquired: various

Enter the proceeds, cost basis, and wash sales as listed on the form. 

 

Then attach the massive PDF file to the return? 

 

Would that be sufficient reporting to IRS for these type of trading accounts?

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ljr
Level 4

YES but in the description I usually put Short Term Covered or Long Term Non-Covered (whichever category it is) since I put the Brokerage Name at the top of the  new 1099-B worksheet. Or a combination - whatever you think is easier for you to follow later if you need to go back and check something. You can attach the PDF of the entire report or copy the report and mail it to Austin Tx with the 8453. Using the 12/30/20 date is easier.

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2 Replies 2
ljr
Level 4

YES but in the description I usually put Short Term Covered or Long Term Non-Covered (whichever category it is) since I put the Brokerage Name at the top of the  new 1099-B worksheet. Or a combination - whatever you think is easier for you to follow later if you need to go back and check something. You can attach the PDF of the entire report or copy the report and mail it to Austin Tx with the 8453. Using the 12/30/20 date is easier.

View solution in original post

Greta
Level 7

I have never mastered attaching brokerage massive reports as a PDF, so have been relegated to USPS. But a previous thread suggested subtracting the usually minuscule wash sale amount from the cost basis. I thank whoever suggested it, I considered it as a common sense close-'nuff solution and a big time saver.