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The Form 1099-B Proceeds From Broker and Barter Exchange Transactions you receive may only report the date of the sale and the sales proceeds amount. If it does not report the date acquired or cost basis, you must still enter that information on Schedule D (Form 1040) Capital Gains and Losses and/or Form 8949 Sales and Other Dispositions of Capital Assets. As a result, you should keep and maintain this information with your tax records.

The Cost or Other Basis is generally the cost you paid for the property plus purchase commissions, recording or transfer fees, and any improvements, minus depreciation, amortization, and depletion. If this information is not reported to you on Form 1099-B or a consolidated tax statement, you may obtain it from either a broker's statement or a confirmation statement received after you made the purchase. If you lost or did not keep records to determine your basis in securities, you will need to contact the broker for help in obtaining this information.

The Date Acquired is generally the date you acquired the asset. You will need to obtain this from either a broker's statement or a confirmation statement received after you made the purchase. For securities traded on an established securities market, you should enter the Trade Date. Do not confuse the trade date with the settlement date, which is the date by which the stock must be delivered and payment must be made.

To enter Form 1099-B information in TaxAct®:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Investment Income to expand, click Gain or loss on the sale of investments to expand, then click Capital gain or loss (Form 1099-B).
  3. Click + Add Form 1099-B to create a new copy of the form, or click Edit to access a form already created.
  4. Click Quick Entry to scroll down to answer all applicable questions or click Step-by-Step Guidance to proceed with the program interview questions.
  5. On the screen titled Investment Sales - Transaction Details, enter the Date acquired, then click Continue.
  6. On the screen titled Investment Sales - Reporting Category, select from the Form 8949 category drop-down, then click Continue.
  7. On the second screen titled Investment Sales - Transaction Details, enter the Cost or other basis (total amount - Not a price per share) amount, then click Continue.

For additional information on the date acquired or the cost or other basis, click the applicable icon.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.


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