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Should i fill my schedule up a little more?

How do I fill out Part II, number 8 of my 1040 Schedule D?

  • I received a 1099-B from DWS Investments. It states the following: (1a) Date of sale or exchange (2) Gross Proceeds from Stocks, bonds, etc (*) (4) Federal income tax withheld (7) Description: Transaction, Share Price and Shares this Transaction. I am trying to figure out what information from my 1099-B I need to enter into Part II, number 8 of my 1040 Schedule D. Particularly, what do I enter in 8(d) Sales price, 8(e) Cost or other basis, and 8(f) Gain or (loss)?

  • Answer:

    "Sales price" is the amount from the gross proceeds box, correct. To find the "cost or other basis" multiply the "Average cost basis" by the "Number of shares redeemed". Do not put this product on the form, but use it for checking your result in the next step. If the number in "Gain (loss)" is greater than zero and is not in parenthesis, then it is the gain. Subtract it from the "gross proceeds" to find the "basis". If the number in "Gain (loss)" is a negative number or is in parenthesis, then it is a loss. Add its opposite (the positive number) to the gross proceeds to find the basis.

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follow the columns as stated, enter what is asked for ie. the date of sale, the amount of the sale, the date of purchase, the amount of the purchase and then you subtract the purchase price from the sales price and it ends up either a profit or loss(entered as a negative number) the form is very clearly marked for you yes, you describe it a s X# of shares of X company

Part II of schedule D is for assets held more than one year. 8(a) is the description of property , example : 500 sh, ABC Co The amount in box 2 of 1099B, is entered on 8 (d), would you still keep your record about these assets? You would know the date acquired, cost basic, column 8(e)is for cost basic included broker's fees, commissions. 8(f ) is gain or loss , if 8(d) is more than 8(e), you have gain, otherwise you have loss. The F/W ( box 4 of 1099B ) is entered on line 61 of your 1040, not on schedule D You should read the instruction, page 6 and 7; here it is : http://www.irs.gov/pub/irs-pdf/i1040sd.pdf

Sales price = proceeds. Cost basis = records. Gain or Loss depends on whether you have those records.

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