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Almost every deduction I take is report both by myself as well as the relevant 3rd party. They literally get a report from brokerages on stock transactions and
by deelowe 4y ago
Almost every deduction I take is report both by myself as well as the relevant 3rd party. They literally get a report from brokerages on stock transactions and yet I also have to calculate cost basis and all that. Why?!
- tastyfreeze 4y agoTo try to catch you lying of course.
- kortilla 4y agoThose are the easy cases. The hard ones are deducting expenses for businesses.
- deelowe 4y agoI have to do that too. Either way, it’s all a giant pain and seems largely to be a waste of time
- bradleyjg 4y agoYou don’t have to. If the bases are all reported to the irs, you just need to put the totals on schedule D. It’s amazing how much whining there is about these forms. A smart high schooler could do even a moderately complicated tax return. It’s when you own a business of some kind (including investment properties) that things get hard.
- morpheuskafka 4y agoYou don't have to calculate cost basis since the brokerages started reporting it several years ago. You just enter the total form your 1099-Bs onto the Schedule D. There are a few cases (some crypto 1099s) where they tell you the basis on the statement, but don't actually send that to the IRS since it's not a security. In that case, you'd copy There are a few scenarios where the brokerage doesn't know the right basis though--examples would be a wash sale across two different accounts.