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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 121592  
Subject: 1099-B with basis Date: 2/7/2012 5:37 PM
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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?

Patzer
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