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| *The Commerce Journal>>>Other Taxes |
Confused about 1099B? |
My wife exercised some employee stock options. The profit was shown as income on her W-2. We also got a 1099B showing the gross amount of the transaction. How should we report this? Thanks, that's what I came up with too. On Sch D it will show as "wash" sale with the cost basis increased by the commissions and fees so it's actually a slight loss. It was all spelled out on the statement but I'd never run across this before so missed it. yes you should report this on a schedule D. Since you say that those profits were shown on her W-2, you will report on schedule D as an even or negative gain (depending on your actual basis). If you do not show it, IRS will send you a letter asking how come you never reported stock sales. Then you will have to amend your return and show it anyways. Check with a tax advisor to help you figure out your basis. It should be the amount you paid for it + the amount shown on your w2. that should equal to the total proceeds. |
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