Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev | Next
Author: Patzer Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123510  
Subject: 1099-B with basis Date: 2/7/2012 5:37 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Well, kind of. In 2011, I sold a non-covered security. Today I see the 1099-B online at Fidelity. Fidelity helpfully reports the acquisition date and basis, which Fidelity knows only because I entered that information online. (Shares were originally transferred from the prior broker, before reporting requirements changed.)

If I understand the notes correctly, Fidelity is not reporting the basis and acquisition date to the IRS, even though they appear on the copy of the 1099-B that I have.

I'm guessing that I need to report this on a Form 8949 with Box B checked, rather than Box A. Correct? I'm a bit more confident of this guess since I looked at the pdf of Form 8949 and it describes Box B as "Long-term transactions reported on Form 1099-B but basis not reported to the IRS." The tax software I had been looking at used the description "Long-term gains and losses (Form 1099-B, box 3, does not show basis)" for Box B of Form 8949; that description had me in doubt.

Assuming I'm understanding this right, I imagine there will be some similarly situated taxpayers checking Box A because the software says "box 3 shows basis" and by golly, it sure does on my copy.

Any guesses as to whether this would be a point of confusion or delay on the return if the wrong box is checked on 8949?

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2015!
Fistula Foundation: A World of Good!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Berkshire Hathaway

Collected Mungofitch Quotes
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.