Proceeds in trust - page after page

[MN dhawk]

Trust has numerous pages of stock sales. I understand the IRS wants one entry for each sale date. There doesn't seem to be an 8453 for a trust. Two years ago I built a spreadsheet to import and couldn't due to memory issues. Wondering too how many entries the 8949 can take. Am leaning toward combining sales and seeing if the IRS really cares. Any thoughts.

 

[Randall]

Does the 1099 give totals for short term Box A and long term Box D?  If so, I just put those totals on the Sch D.  Even for Box B and Box E, I just input total for each stock into the 8949 and don't bother with a separate line for each date of sale.

[Margaret CPA in OH]

Were the stocks held in a brokerage account?  If so, the 1099B should have sales totals listed/grouped as A or D - oops, Randall beat me to it.

[Burke]

On ‎4‎/‎27‎/‎2020 at 12:04 PM, MN dhawk said:

. Wondering too how many entries the 8949 can take. Am leaning toward combining sales and seeing if the IRS really cares. Any thoughts.

They don't care.  Have done this for years and stopped sending 8453's.  A complete waste of time and paper.   Max inputs should be 6, one for each class -- short term and long term. 

 

[Max W]

You might want to look into getting Gainskeeper, or some similar software to handle it.  All you will need is access to the brokerage account, the software does the rest and prepares the 8849's for download, no matter how many pages are needed.   I had a client years ago before the IRS required the basis to be provided on the 1099B's and there were over a 1000 transactions.