Hi all once again.

Just received an e-mail from ShareBuilder and I guess I was
misunderstanding the statement in box 12 of my 1099B,
"Cannot take a loss on your tax return based on t he amount
in box 2." it looks like what they are saying is not that I
cannot take loss, but rather the information included on my
1099B does indicate a loss or for that mater a gain and it
is up to me to figure that out. I think they should have
stated that differently. For example I think it should read
box 2 does indicate loss or gain and you must figure that
out on your own. I also found out that I should include
divined reinvestment. In addition I think I forgot to figure
in commissions. This means that my loss my be more than I
thought.

Michael

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Rich Carreiro wrote:
- quote -

If can't claim it as a loss then how do I to report it, so
that it does show not a loss? Is there another way to figure
the cost of the stocks sold, rather than cost basis? Michael

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Not a wash sale. I bought the shares through ShareBuilder
with their dollar based investment program. I did this a few
years back and just kept a hold of the stock until it went
up substanally. Two of the stocks did go up in price, but
the rest went down. Needed the money for a down payment on a
new car, plus tags and taxes. Still waiting to hear back
from Sharebuilder to see if they have any suggestions for
reporting this sale without it showing up as a loss.

Michael

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

<mgrahm[at]trib.com> wrote:

- quote -

Is is a wash sale?

A Wash Sale is a sale at a loss, but within +/- 30 days you
buy substantially idenical securities. You defer that loss
and add the deferred loss to the basis of the shares bought.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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mgrahm[at]trib.com writes:

- quote -

Even though you got a loss of $76, you are apparently not
allowed to take that loss on your tax return. This box
first appeared in 2004 and seems to be related to corporate
inversions (when a corporation re-bases itself overseas
for tax purposes). Looks like Congress decided to get
back at those companies by punishing their shareholders.

For example, see page 6 of:
http://www.sia.com/2005_comment_letters/4996.pdf

And also see the instructions for 1099-B box 2,
which refers to box 12 (page B-3):
http://www.irs.gov/pub/irs-pdf/i1099b.pdf

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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I have question regarding the sale of stocks. I just started
on my taxes and noticed that box 12 on my 1099-B states the
following "cannot take a loss on your tax return based on
the amount in box 2." This has me confused, as after
entering the information from 1099-B plus the cost of the
stocks I seem to get a loss of $76. If this is the case how
do I report this without showing a loss? I have contacted
the brokerage that this stocks were bought through and have
yet to receive a reply.

Michael

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >