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1099-B (Capital Gain / Loss)
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mkedikian
Level 1
03-27-2020
01:04 PM
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Client received annual report from TD-Ameritrade, in the page 1 Summary section (2019 1099-B has 0 for sections 8,9,10,11), but in the rest of the report there are transactions reported. so my question is do i still have to input all these transactions even though the 1st page summary (1019 1099-B is zero)??
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itonewbie
Level 15
03-27-2020
01:29 PM
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Are you expecting us to pull out one of the TD Amertrade statements from clients and look up what those sections cover? Probably easier for you to clarify what those are.
It is possible that there is no 1099-B stock sale but there are still reportable capital gain transactions for periodic disposition of fractional shares, which the brokerage uses to cover certain ETF management fees.
If you clarify what those sections are, you'd probably get a better answer.
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jenhorton
Level 3
03-30-2020
09:52 AM
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2019 1099-B* Lines 8-9-10-11 are listed with the title SECTION 1256 Contracts.
Directly beneath is the SUMMARY OF PROCEEDS, GAINS & LOSSES etc etc
Are you saying there are no proceeds gains and losses? Then you still must look for PUTS and CALLS which are generally listed as NOT being reported to the IRS. While some sketchy preparers will tell you that if it's not being reported to the IRS you don't have to report it... they're wrong. TPs are taxed on ALL income - reported to the IRS or not. So look for the PUTS and CALLS and any other type of less frequent transaction that may be on that statement and report it.
Don't forget to ask about virtual currency like bitcoin - That may even be on the statement (I don't know, I've yet to run across any transactions of bitcoin)
