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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: GBT who wrote (2156)4/15/1999 10:56:00 PM
From: Susan Saline  Read Replies (1) of 5810
 
>>>One quick question then I'm done with this years taxes. Datek sends out a 1099-B that list total proceeds. I use turbo tax to do my taxes and I am unsure about Schedule D line 2.

>>>Should this equal total proceeds plus gain?
no
(although total proceeds already does include your end result of loss/gain)
total proceeds is the total amounts of the separate securities you have sold throughout the year.

you must calculate your own gain or loss and enter in column f

the amount (on the 1099) should match your own kept figures for sales price amouonts (which is entered in column 1d)

>>>Schedule D-1 says to combine d + f and transfer to schedule D line 2.

you may have misread that
you must combine your columns, into a total, place the total of each of the columns on schD

>>> Does the IRS expect Schedule D line 3 to equal your total proceeds shown on 1099B
yes

>>>or total proceeds plus gains or losses? Thanks in advance...
no

the gain/ loss amount is written on line 7 (for short term profit/loss)

.... I do not use their schd-1
just write see attached on line one, and include a spreadsheet that is in the irs format, showing all trades.

if I err ... Colin will most thoughtfully correct me :o)

sue
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