Capitol Loss?

#5 06-02-2006, 05:37 AM

Latosha Washington wrote:

- quote -

> I sold some stocks at a loss in 05 but there is no
> indication of this on any statements from my broker. Of
> course, I do have the gains data, however, the loss is
> greater than the gain. How should I go about documenting
> this?

With your own trading records.

Many times brokers' statements will include gain/loss
information relative to stocks on which they have
information, i.e. stocks purchased during their brokerage
activity. they would not of course have such basis
information on stocks transferred from another house into
your account with them.

ChEAr$,
Harlan Lunsford, EA

<< ================================================== ===== > << 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. > << ================================================== ===== >

#4 02-28-2006, 05:31 AM

- quote -

> > I sold some stocks at a loss in 05 but there is no
> > indication of this on any statements from my broker. Of
> > course, I do have the gains data, however, the loss is
> > greater than the gain. How should I go about documenting
> > this?

> What the broker reported on the Form 1099-B that he sent you
> is the proceeds from the sale - the amount you received -
> not the gain. When you enter the sale on Schedule D of your
> tax return, you will put the proceeds in column d and your
> cost in column e. Then you will calculate the loss by
> subtracting column e from column d, and you will enter the
> amount of the loss in column f. See the IRS instructions for
> Schedule D.

Thanks guys, that's what I did.

<< ================================================== ===== > << 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. > << ================================================== ===== >

#3 02-27-2006, 09:17 AM

- quote -

> I sold some stocks at a loss in 05 but there is no
> indication of this on any statements from my broker. Of
> course, I do have the gains data, however, the loss is
> greater than the gain. How should I go about documenting
> this?

What the broker reported on the Form 1099-B that he sent you
is the proceeds from the sale - the amount you received -
not the gain. When you enter the sale on Schedule D of your
tax return, you will put the proceeds in column d and your
cost in column e. Then you will calculate the loss by
subtracting column e from column d, and you will enter the
amount of the loss in column f. See the IRS instructions for
Schedule D.

<< ================================================== ===== > << 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. > << ================================================== ===== >

#2 02-27-2006, 09:17 AM

"Latosha Washington" <lTw[at]msn.com> wrote:

- quote -

> I sold some stocks at a loss in 05 but there is no
> indication of this on any statements from my broker. Of
> course, I do have the gains data, however, the loss is
> greater than the gain. How should I go about documenting
> this?

Statements don't document gains OR losses. When you sell,
they indicate the sale price -- you have to compute the gain
or loss by subtracting the cost basis. You put them both on
Schedule D and follow the instructions to calculate this.

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA
*** PLEASE don't copy me on replies, I'll read them in the group ***

<< ================================================== ===== > << 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. > << ================================================== ===== >

#1 02-27-2006, 09:17 AM

"Latosha Washington" <lTw[at]msn.com> writes:

- quote -

> I sold some stocks at a loss in 05 but there is no
> indication of this on any statements from my broker. Of
> course, I do have the gains data, however, the loss is
> greater than the gain. How should I go about documenting
> this?

That's what Schedule D is for. For each sale, you list the
proceeds, the basis, the dates of purchase and sale, and
the gain or loss on the transaction. The form will tell
you what to do when you have an overall loss. Just work
through it.

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

<< ================================================== ===== > << 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. > << ================================================== ===== >

02-27-2006, 08:56 AM

Latosha Washington wrote:

- quote -

> I sold some stocks at a loss in 05 but there is no
> indication of this on any statements from my broker. Of
> course, I do have the gains data, however, the loss is
> greater than the gain. How should I go about documenting
> this?

On schedule D.

Your broker should have sent you 1099-B indicating the sale. If you
did not find that, either check your broker's web site, or phone and
ask for them to [re]send the 1099-B.

<< ================================================== ===== > << 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. > << ================================================== ===== >

#-1 02-26-2006, 08:21 PM

I sold some stocks at a loss in 05 but there is no
indication of this on any statements from my broker. Of
course, I do have the gains data, however, the loss is
greater than the gain. How should I go about documenting
this?

Thanks.

<< ================================================== ===== > << 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. > << ================================================== ===== >

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