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Old 01-29-2009, 12:34 PM
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Help with 1099-B and Schedule D, Wal-Mart Stock Maintenance Fee

I have stock with Wal-Mart. I don't work for them anymore so I am charged a $35 maintenance fee for account management. The $35 was automatically deducted from my stocks to pay this fee. I received the 1099-B...it shows the date of sale (March 7, 2008) in box 1a, CUSIP No in 1b, 35.00 in box 2, Gross Proceeds Reported to IRS, YES. Box 4 shows 0.00 in tax withheld. Box 7 lists Description as 0.701 shares sold at $49.930. Name of Issuer, Wal-Mart Stores, Inc. Transaction is SALE-ASPP.

With this information, how do I fill out a Schedule D? It's asking for Description of Property, Date Acquired, Date Sold, Sales Price, Cost or Other Basis and if it was a Gain or Loss.

I listed Description as 0.701 sh WMT. I put VARIOUS as date acquired because I've had the stock over two years and it was purchased over the time I worked at Wal-Mart. Date Sold is March 7, 2008. Sales Price is $35. Now, what is the Cost or Other Basis? The stock was purchased at various prices depending on the value at time of purchase? Also, Gain or Loss?


Any help is wonderful. Thanks

Diana



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Old 02-02-2009, 11:39 PM
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You asked "With this information, how do I fill out a Schedule D?
Well, lets see how well you did.

Description.
I listed Description as 0.701 sh WMT.
Correct.

Date Acquired.
I put VARIOUS as date acquired.
Correct.

Date Sold.

I put date sold as March 7, 2008.
Correct.

Sales Price.
Sales Price is $35.
Correct.

Now, what is the Cost or Other Basis?
Estimate what price you paid for the stock over the years that you purchased the stock. This is a difficult thing to assign a value, so do your best and the IRS will accept your word, but, most likely the cost basis would be below your sales price.

Also, Gain or Loss?
Your software will calculate the gain or loss depending the cost basis of your stock. I suspect this amount would not be very material. Thus, it would be best if you made a best estimate of the cost basis.

Long term or Short term Capital Gain or Loss?
The other fact is that this transaction should be reported as a long term capital gains or loss!

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