Can Anyone Answer How To Report 1099b? Tax Book Says We Have To Use Form 8949. I Cannot Get That To Work My Client Was Supposed To Just Be A Rollover,but Was Not Done The Right Way. I Have A 1099b With No Cost Basis Just Amount Of Shares Sold. Any Help Would Be Appreciated .thanks Debbie
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You would not have a 1099-B if taxable shares were not sold. It is not a "rollover" if you sell shares and buy more shares. It is treated as a sale. It goes on Form 8949 and you will have to get the basis from the taxpayer. A true "rollover" would be on a 1099-R and would be from an IRA or qualifed retirement account. -
1099-b
If you have a Form 1099-B, that means a stock (or something) was sold.
Whether the document shows or does not show a cost basis is a function of when the asset was originally purchased. Suggest you review the rules for Form 8949, especially entries that require "Box B" treatment.
It is generally rather difficult to have a stock sale that could be part of any rollover. For a rollover to occur (direct or indirect) a Form 1099-R is involved.
Sounds to me like the client just sold some stock. Some folks think they can just change from Fund A to Fund B in their (taxable) investment account....but that always involves a sale.
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