Capital Gains ane Losses - Descriptions Allowed - 1099-B Length of Field

The following descriptions are allowed for e-filing in the date fields of Form 1099-B Proceeds From Broker and Barter Exchange Transactions:

  • Long-term date acquired - the date, Inherited, or Various
  • Long-term date sold - the date
  • Short-term date acquired - the date or Various
  • Short-term date sold - the date or Bankrupt

Note. The date must be in MM/DD/YYYY format.

TaxAct supports a property description length of 34 characters on Form 1099-B for capital gains transactions. All capital gain/loss transactions from categories B, C, E, and F will be reported on Form 8949 Sales and Other Dispositions of Capital Assets based upon the reporting category. The totals from Form 8949 will be added to any capital gain/loss transactions from categories A and D, then transferred to Schedule D (Form 1040) Capital Gains and Losses.

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