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Sale of stock to pay brokers fees

mcd1231
Level 4

My client received a 1099B with $15 in gross proceeds and a cost basis of $6 to pay an investment fee from the brokerage house.  Is there some where else to report that other than Form 8949 to report a $9 gain?

 

Thank you for your advice.  

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3 Comments 3
sjrcpa
Level 15

No.


Ex-AllStar
BobKamman
Level 15

I've been known just to report $15 as "other income," especially when it doesn't make a tax difference, but that's dreadfully wrong and I should probably tell my friend the priest about it. 

Your client is probably a gold bug, he's not paying his broker he's paying the ETF that stores the stuff. 

PJB
Level 1

no.  must use Sch D to report 1099-B activity

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