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I need to know how to handle at sell of company stock when I…

Customer Question
I need to know...

I need to know how to handle at sell of company stock when I file my taxes.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

We sold stock that we have purchased over the years using dividends to purchase. We paid taxes on the dividends each year.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I don't think so.

Submitted: 1 month ago.Category: Tax
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Answered in 1 minute by:
3/7/2018
Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 1 month ago
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 927
Experience: Former IRS Revenue Agent
Verified

I'm Fiona, former IRS revenue agent. I am looking at your question and will get back to you soon. Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP,IMTA

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Customer reply replied 1 month ago
I have to 1099-B but it is not clear how to enter it on the tax forms. I am using Turbo Tax
Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 1 month ago

Dear Customer,

To calculate your basis of the stock which you owned and purchased throughout the years is by having good records.

Make sure that you have evidence on the dividends you paid and reinvested. It is a very tedious work. However, without evidence, we have to assume without basis.

Therefore, for your basis, it may be stated on the Form 1099-B [I saw your second posting]. That would be the easiest way.

In Turbo Tax, follow the instructions of the enclosed Turbo Tax instructions.

https://ttlc.intuit.com/questions/2899523-where-do-i-enter-a-1099-b

Please feel free to follow up.

Regards,

Fiona

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Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
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