Received our 1099-B packet for our Schwab account, and did the Import from Financial Institution. Had a few sells last year, some short term, some long, some long non-covered.
SO - how should I edit the 8949 with respect to "missing" date & cost basis.
On the 1099-B, the Acquired Date is shown as "12/31/95". Should I use that date - since it was already filed..... so as to match it ? or... put in the actual date on the 8949 form ? of course the major missing element is the Cost Basis, which I plan on added to the 8949 form.... some losses, some gains...
1st, are your sure your FI reported to the IRS? Ours indicates the 1099-B s tuff has not been reported to the IRS, beyond, I suppose the "gross porceed s less commisions" for line 2a.
2nd, I hope you have kept transaction confirmations, which would give you a cquisition date and cost (shares and price, plus commisions). We learned th e hard way years ago to keep - later scan to PDF files - confirmations to b ack up any claim(s).
3rd, as to the acquired date (and any cost basis) we found over the years t hat when one switched FIs, transferring very old stuff, data become lost an d are not retrievable, or are sometimes subsituted (I don't know how) by in accurate (when compared to original confirmation) information. Original tru mps any later filing by an FI.
stuff has not been reported to the IRS, beyond, I suppose the "gross porce eds less commisions" for line 2a.
acquisition date and cost (shares and price, plus commisions). We learned the hard way years ago to keep - later scan to PDF files - confirmations to back up any claim(s).
that when one switched FIs, transferring very old stuff, data become lost and are not retrievable, or are sometimes subsituted (I don't know how) by inaccurate (when compared to original confirmation) information. Original t rumps any later filing by an FI.
By the by, found the following. Ouch! if you're not detailed oriented....
Not to be too much of a killjoy, but I didn't see the word 'Quicken' in this post ort sequent replies at all; seemed to me to be more of a complete tax-oriented question.
So saying that, I am not inferring it should not have been asked here, it is just you might find a much better (not that those who replied aren't "good"!) set of people to answer this *tax* question in the best usenet tax group : misc.taxes.moderated .
Good luck!
(Still waiting on one more 1099 before I tackled mine....)
Maybe, but OP can, if original confirmations are not available and to turn this back to a Quicken thing, select the investment portfolio option, custo mize (if desired to avoid seeing a lot of extraneous stuff) to the securi-t y/ties in question, click on a security to expand the view of lots, which w ill provide information on shares involved, price, and acquisition date for each lot. Number of shares and price will show up reflecting the impact of any stock splits, etc. Then OP has the basic data with which to report, co ntest, and decide - at time of sale - whether to take FI's default first-in , first-out choice or elect some other way of selecting lots.
As to reporting and contesting FI reports, I remain with humble view that o riginal transaction confirmations are golden. By the by, "confirmations", i n my view, can also be monthly statements outlining transaction details.
Andrew, is this reply good enough to keep the subject within the Quicken sp here? Eh?
this back to a Quicken thing, select the investment portfolio option, customize (if desired to avoid seeing a lot of extraneous stuff) to the securi-ty/ties in question, click on a security to expand the view of lots, which will provide information on shares involved, price, and acquisition date for each lot. Number of shares and price will show up reflecting the impact of any stock splits, etc. Then OP has the basic data with which to report, contest, and decide - at time of sale - whether to take FI's default first-in, first-out choice or elect some other way of selecting lots.
original transaction confirmations are golden. By the by, "confirmations", in my view, can also be monthly statements outlining transaction details.
Hi Al - sorry, I really didn't mean to come across as too hard about it not being a Quicken issue (or, Turbotax which I was corrected on). As I had originally said, it was more to point out the other forum which is VERY good on tax matters.
I am duly humbled. (That tax forum is auto-moderated, so although there is a lot of latitude of what to discuss, one very seldom gets spam or totally off topics over there.)
urn this back to a Quicken thing, select the investment portfolio option, c ustomize (if desired to avoid seeing a lot of extraneous stuff) to the secu ri-ty/ties in question, click on a security to expand the view of lots, whi ch will provide information on shares involved, price, and acquisition date for each lot. Number of shares and price will show up reflecting the impac t of any stock splits, etc. Then OP has the basic data with which to report , contest, and decide - at time of sale - whether to take FI's default firs t-in, first-out choice or elect some other way of selecting lots.
at original transaction confirmations are golden. By the by, "confirmations ", in my view, can also be monthly statements outlining transaction details .
n sphere? Eh?
Just joshing you. Thanks for mention of the misc.tax-gesundheit-whatever mo derated forum. I thnk I have seen this mentioned over the years but just jo ined. Good group!
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