The 1099 sent at the end of the year provides a detained history of buying and selling stocks. Is this adequate for IRS?

Max Hoopla

It says how much you got not what you paid.

Judy

Yes, if it shows basis.

curtisports2

No, and the 1099 shows no details. It only shows the proceeds you were paid. YOU have to provide the details for each transaction, on as many forms 8949 as you need, showing what you bought, when you bought it, how much you paid, when you sold it, how much you sold it for, and your net gain or loss. You take the total gains or losses for short term and long term and show that on Schedule D, and show the results from that Schedule on your 1040.

NA

Take a look at the 1099-B. Were ALL of the assets covered securities? Were NONE of these wash sales? If yes and yes, look at the 8949 instructions--you may be able to just list the totals. If not the above, you need to follow the 8949 instructions and list the individual sales. You never attach the brokerage statement to the tax return.

Eva

If it shows the cost basis, you can. You can scan it as a pdf file and attach it to an efiled return. I'm not sure if OTC software allows this, but professional software does. There's also a procedure to submit it on paper after the fact. You have to enter the summary numbers on schedule D. Some software can also download the information from your brokerage account.