[ska///235i]

Does anyone know how to do Form 1099-B?

I'm using the "Cost Basis" method to file Schedule D (form 1040). My dad transfer his mutual funds ownership to me last year in August 07 and I have changed from fund to fund in 2007.

On my 1099-B, it states that I have both short term and long term holdings.

Now here is the question......what do I use as the "Date Acquired" on part 2 of the Form 1040, for the Long Term transactions ????????

Somewhere on the instructions, it states: "please write [Various] in the box for "Date Acquired" for each individual redemption". Do I just put "Various" as the Date Acquired ??? or do I have to find out when my Dad originally bought the shares?

I'm a little confused ?


I also do not understand why I have Long term holdings when I only started ownership in August 2007 (less than a year)..??

[mrwma237]

oh my...

I'm not CPA, but I am an FA.

Listen, call your FA, tell him/her to find the cost basis information for you, regardless if the funds were purchased somewhere else.

People complain about fees and charges from wire houses? Well, go ahead and do your own cost basis research when you trade from Schwab and Scottrade.

To answer your questions briefly,

Yes, you have to find acquisition dates for funds purchased by your pop.
Yes, you have to provide fund exchange, acquisition, liquidation dates when you took over in 2007.
*Whether you had gain or loss when you did the exchange, it's a taxable event.

good luck.

[ska///235i]

Originally Posted by mrwma237

oh my...

I'm not CPA, but I am an FA.

Listen, call your FA, tell him/her to find the cost basis information for you, regardless if the funds were purchased somewhere else.

People complain about fees and charges from wire houses? Well, go ahead and do your own cost basis research when you trade from Schwab and Scottrade.

To answer your questions briefly,

Yes, you have to find acquisition dates for funds purchased by your pop.
Yes, you have to provide fund exchange, acquisition, liquidation dates when you took over in 2007.
*Whether you had gain or loss when you did the exchange, it's a taxable event.

good luck.

The 1099-B form does include the Average cost basis.
dawmm...My dad had these funds for a long long time...not sure if I can find the dates.
I read somewhere that you can input "Various" for the "Date acquired" field if trades are Long term trades.

FA = Fund Accounting ???
If so, where do you work?

thanks for your help

[Scottz71]

If funds are held 'long' you can use various for both the acquired and sale dates.

I do the same for long term holds and any long term options I exercise.

As for cost basis...this is usually the acquisition costs, total fees, and taxes levied for the transaction....in some cases withholding may have already occurred so your cost basis would be the total cost of the investment, the transaction fees, less the profit you made at sale.


The government is only taxing you on the profit you make so do not under-value the cost of the transaction, as it will cause you to incorrectly state the profit and taxable income.

Good luck.

[ska///235i]

wow...good to know, save me alot of work....this is fun to learn

so basically we're just reporting the gain/loss, this is the difference between the average cost basis from the gross proceeds of the sale.

thanks

[TurboFan]

Turbo Tax handles this easily in about 3 minutes.