8453 and endless documents

[buzzardbreath]

At one time if there were extensive 1099-DIV and 1099-B documents, we would send in a copy of the documents and
a cover Form 8453. The instructions for form 8453 no longer allow for this.

Now the question becomes, just what DO you do with these endless documents, too much data to enter into tax software?
Is a copy EVER sent in, or are the summary totals just entered for face value?

[David1980]

Exception 2. Instead of reporting each of your transactions on a separate row of Part I or Part II, you can report them on an attached statement containing all the same information as Parts I and II and in a similar format (i.e., description of property, dates of acquisition and disposition, proceeds, basis, adjustment and code(s), and gain or (loss)). Use as many attached statements as you need. Enter the combined totals from all your attached statements on Parts I and II with the appropriate box checked.

http://www.irs.gov/instructions/i8949/ch02.html#d0e431

So you can still do the statement. You can even attach it as a PDF and transmit the PDF with the return in MEF. Although if you still wanted to send it on an 8453 you could.

Form 8949, Sales and Other Dispositions of Capital Assets (or a statement with the same information), if you elect not to report your transactions electronically on Form 8949

Last check box on 8453.

[Gary2]

I'm still seeing that option on the 8453, as the last checkbox.

However, also check the instructions for Schedule D, lines 1a and 8a. If you meet the requirements to use those, then no 8453 submission is required. It's only if you use the 8949 with code M that you need the submission.

[Roberts]

If the IRS has received the 1099 with the correct cost basis information from the financial firm, why would they want me to re-send them the same data again in similar format?

[origun]

'Moot Point"

A few years ago I was told by an IRS speaker in a seminar that it was a "moot point" how we submitted stock sale information as long as the totals on the tax return matched what the IRS received from the brokerage. I'm always very sure that I have my information correct for all the categories (short and long term, covered and uncovered) and then just input up to 4 entries onto the 8949/Schedule D. As far as I know, taxpayers have never been questioned. I caution taxpayers to retain information from brokerage in case IRS requests it and to contact me immediately...but no one ever has. Have any of you ever been questioned if you don't include line by line, stock by stock entries?

[Gary2]

If the IRS has received the 1099 with the correct cost basis information from the financial firm, why would they want me to re-send them the same data again in similar format?

Same reason they want you to resend the W-2 info.

[DonPriebe]

You don't have to tell them what they already know.

If the IRS has received the 1099 with the correct cost basis information from the financial firm, why would they want me to re-send them the same data again in similar format?

You don't have to. That's what line 1a and 8a are for. (Although why you can't include the wash sales baffles me.)