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Old 04-04-2011, 08:34 PM
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Red face 1099-B but no backup

I received a 1099-B from Etrade for 29$ for an OLD stock from 2000. I cannot confirm the stock as it has changes from Company to company. Regarding Schedule D can I just report the gain of 29$ matching the 1099-B from Etrade. As I can only guess the stock and it would be a loss but a GUESS - which I do not want to report.



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Old 04-05-2011, 02:33 AM
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“ Regarding Schedule D can I just report the gain of 29$ matching the 1099-B from Etrade.”---> You will enter the amount and name of shares,date acquired, date sold ,cost of stock and sale of stock on Sch D as you can see. Do you have an attached realized gains and loss schedule?The 1099-B tells you how much the proceeds are, but you need to find out what the basis is (how much actually paid for stock that was sold).I guess If you have the proceeds and the basis then just fill it out on Sch D as long term (held more than a year) and the gain will be the difference [proceeds - basis = Gain(loss)].



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Old 04-05-2011, 04:45 PM
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1099-B but no backup

Thanks but the stock has been transferred over the yrs and no the 1099-B does show date acquired , # shares, etc. That is ehy I do not want to guess on Schedule D only have guess from Etrade. Will IRS just accept the gain show on Sched D i.e. I know # of shares the paid me on just can't confirm under what symbol.



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Old 04-05-2011, 09:56 PM
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" Regarding Schedule D can I just report the gain of 29$ matching the 1099-B from Etrade. As I can only guess the stock and it would be a loss but a GUESS "--> Sorry not sure; I guess in general, this situation may be related to the concept of materiality.Determining whether or not the gain ,$29, is material is a very subject exercies. There is no absolute measure of materiality. Generally, an amount less than 5% of net profit is not considered material. However, there are exceptions to this. Some items are regarded as particularly sensitive and even a very small misstatement of these items would be regarded as a material error.



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Old 04-05-2011, 10:12 PM
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1099-B but no backup

OK so here is the low down...
After many phones calls....
Purchased 27 shares Spyglass @ 36$ in May 2000..962$ + 20 commission = 982 Purchase Price
1099-B 19 Shares @ 1.55 due to OpenTV acquisition March 3/2010..............29
so Schedule D should be a LOST ...(963)???? Can you show a lost on Schedule D???



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Old 04-06-2011, 05:22 AM
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“Purchased 27 shares Spyglass @ 36$ in May 2000..962$ + 20 commission = 982 Purchase Price
1099-B 19 Shares @ 1.55 due to OpenTV acquisition March 3/2010. Can you show a lost on Schedule D???”---> As said previously, I guess it is a matter of materiality concept. You may merely note that the detail is retained by preparer, summarize(photo the summary) Never had a problem. I've even seen "details available on request the totals separately for LT/ST Gains/Losses so all computes correctly.



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