Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-27-2010, 06:27 PM
Junior Member
 
Join Date: Mar 2010
Posts: 1
2009 Consolidated 1099

Hello,

Last year I sold a few stocks at a loss. I'm getting ready to do my taxes now but my 1099 from TD Ameritrade says that of the stocks I sold last year I had a gain when in fact there was a loss.

Of the three, two of them are listed with an adjusted cost of zero and therefore an adjusted long term gain in the positive.

One of them is shown correctly with what I paid and subsequently lost when I sold it.

I called TD Ameritrade and the customer service rep said that the form was fine and to just report what I paid for them and what they were sold at.

My question is, shouldn't the 1099 list what I paid and what I lost on these stocks? If on my taxes I report that I lost money when TD Ameritrade reports that I had a gain wouldn't this look odd and possibly cause me to get audited?

Thanks,
Josh



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-05-2010, 11:02 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
Sometimes the Investment Firms do not track the stock basis very well! The only aspect of the Stock Transactions that is certain is the Selling Price and this amount is correctly reported to you and the IRS by TD Ameritrade. But, when it comes to the individual stock's purchase price and date of purchase, the IRS expects that you maintain these records more accurately and the IRS will look at your input data for both the purchase price and purchase acquistion date as being the more accurate data for the stock trades.

Thus, you should not worry about the cost basis be reflected at Zero basis, as what this means is that TD Ameritrade were not able to provide you with this information as either the acquistion date was from a few years ago or maybe perhaps that you transferred your stocks from another Investment Firm.

You should report the basis of the stock trades based on your actual records and ignore the Zero cost basis as per the TD Ameritrade 1099-Consolidated records. Do not worry, as this would not trigger an IRS audit!

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
2009 Form 1099-C and 1099-A vsalaiza Miscellaneous 0 02-05-2010 08:18 PM
The ARR Act of 2009 offers a Sales Tax Deduction for purhase of new vehicle in 2009. TaxGuru For 2009 0 07-03-2009 09:50 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.