1099-B non-covered - date/basis

Received our 1099-B packet for our Schwab account. Had a few sells last year, some short term, some long, some long non-covered.

SO - how should I fill out the 8949 with respect to 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 form ? of course the major missing element is the Cost Basis, which I plan on added to the 8949 form.... some losses, some gains...

Reply to
ps56k
Loading thread data ...

Are you saying that the acquired date on the 1099-B is not right? The correct thing to do might be to contact Schwab about it.

If changing the acquired date to the actual acquired date makes no difference -- ie. the gain is still long term -- just go with the date they have to avoid explanations. It makes no difference to the tax due.

Are you saying that cost basis info is missing? If yes, just enter the true cost basis. If it is present but not correct put the proper value and use the code to indicate that cost basis was reported but is not correct.

Reply to
remove ps

Too much work. Since the wrong date is associated with non-reported sales information, and the purchase is not reported to the IRS, just use the correct acquisition dates when you report.

Reply to
Arthur Kamlet

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.