Reporting Stock Sales, mixed basis reported and not reported

[Jack from Ohio]

I know that if all stock sales reported on the 1099B show basis reported to IRS, we can bundle with one entry on Sch D and attach the .pdf file.

I have a situation where 280 transactions show basis reported and the last 24 transactions show basis NOT reported to the IRS.

Do I have to enter all transactions individually now, or can I only enter the last 24 with all the details, bundle the first 280 and send the .pdf?

Has anyone else dealt with this this year?

Not being able to import 1099B information is a big hindrance for certain!!

[minkcpa]

If the 24 are in the report total I would just add them up subtract and enter the 256 total and 24 total and send IRS the report. You then have the proper coding and totals should agree when they do the CP2000 check. I just has a client drop in, moved to a new broker, 62 pages of transactions of fractional shares!! Algorithm trading, scam in my book, tax return pain in the butt, bill goes up and client will have broker tell them "but we do all the work for the accountants"!

[Jack from Ohio]

If the 24 are in the report total I would just add them up subtract and enter the 256 total and 24 total and send IRS the report. You then have the proper coding and totals should agree when they do the CP2000 check. I just has a client drop in, moved to a new broker, 62 pages of transactions of fractional shares!! Algorithm trading, scam in my book, tax return pain in the butt, bill goes up and client will have broker tell them "but we do all the work for the accountants"!

304 transactions total.

[minkcpa]

280 total and 24 total as two separate entries. If it is a mix of ST LT then it get messier.

[Jack from Ohio]

280 total and 24 total as two separate entries. If it is a mix of ST LT then it get messier.

All are ST. I am thinking that your process is the way I will go and attach the .pdf of the 1099B.

[joanmcq]

some of the brokerages have started including a summary that shows totals for all the different codes, so its easy to break out the ones that can be reported on one line, as long as there are no adjustments. The rest show totals for each 'sale lot' as well as the detail, so again I don't have to futz with uploads for many miscellaneous purchase lots, or attaching PDF files, just one line item per sale. I wish all of them did this.

[michaelmars]

LOOK AT THE form this year, if the basis is reported you don't need to show each sale anymore.

[David1980]

I know that if all stock sales reported on the 1099B show basis reported to IRS, we can bundle with one entry on Sch D and attach the .pdf file.

You don't even need to attach the PDF file in that scenario. Sch D lines 1a/8a, exception #3 on the 8949 instructions.

Attaching the PDF is necessary when you have a statement showing all the necessary information in a similar format and they don't qualify for exception #3 (for example, basis is not reported to the IRS.) Exception #1 on the 8949 instructions.

You can use both. "If you qualify to use Exception 3 and also qualify to use Exception 1 or Exception 2, you can use both (Exception 3 plus either Exception 1 or Exception 2). Report the transactions that qualify for Exception 3 directly on either line 1a or 8a of Schedule D, whichever applies. Report the rest of your transactions as explained in Exception 1 or Exception 2, whichever applies."