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Old 02-28-2014, 03:24 PM
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Question about reporting form 1099 B

I have a 1099 B that has 4 separate line items listed. Do I need to report each one separately, or can I lump them as one? They each have different acquired and sold dates, so I don't know how to report them as one. But it's only one form 1099 B, so I'm confused. This is my mom's return and this is gains and losses on company stock. The total is only 22 cents, but I don't dare not include it. Thanks for any help.



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Old 03-01-2014, 01:27 AM
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Originally Posted by drmurphy View Post
I have a 1099 B that has 4 separate line items listed. Do I need to report each one separately, or can I lump them as one? They each have different acquired and sold dates, so I don't know how to report them as one. But it's only one form 1099 B, so I'm confused. This is my mom's return and this is gains and losses on company stock. The total is only 22 cents, but I don't dare not include it. Thanks for any help.
You don't have to file Sch B aslongas your interest income /ordinary dividend income is below $1.5k. however, dividends and interest must be reported though. If you don't report the stock sales on Sch D the IRS will assume your basis is $0 and will tax you on the full amount of the proceeds. If you profited only $900 on a $70k trade the IRS would tax you on the $70k, not the $900!



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Old 03-01-2014, 02:02 AM
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Thanks for that info.



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