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Received 1099- with the ability to import into my program.

Received 1099-B with the ability...
Received 1099-B with the ability to import into my program. There are several transactions that were imported as "Undetermined Term Transactions for Noncovered Tax Lots. The program automatically put these transaction as a short term transaction with No Quantity of stocks sold, no date acquired, no cost basis and a gain was realized for the amount reported as proceeds. Giving me an additional short term gain of $19,599.92. On the 1099-B Transaction statement, none of these transaction have a gain nor a loss. So, what to do with this information imported? The additional information given was PRINCIPAL Payment. Are these truly gains?
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Answered in 11 hours by:
3/15/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,139
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Hello!

The program doesn't appear to be importing the information correctly. Unfortunately, I would manually impute the cost basis, purchase price and sale's price.

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Principal payments are not gains.

Please give me any other information you have so I can assist you in trouble shooting this issue.

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Customer reply replied 1 month ago
Okay, that is my question. The program automatically just imports the information and automatically give it's a gain, with no basis or acquire date. These transactions has a note that they must be reviewed, because the program assumes a gain because of the net proceeds it reports. So, I would need to zero it out I am assuming of which I can ask the program tech service for that. My question was because the 1099-B statement does not show a gain or a loss with a note on each transaction stating it's a principal payment with a proceed $XXX...etc....

The 1099 B does not always show a gain or loss, because the brokerage firm doesn't always track the cost basis. The tax payer is required to document their cost basis and determine their gain or loss.

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Customer reply replied 1 month ago
That is my understanding. But if it classified as principal payments, does that mean there can be a possible Gain?
A principal payment generally would not be a taxable gain
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,139
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
Thank you for your help.
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Category: Tax
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