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Tax Reporting: How Gross Proceeds Reported on 1099-B Relate to Gains or Losses

 



 


You reported my Gross Proceeds to the IRS ~ What do the Gross Proceeds really mean to me? 

  

      • Gross proceeds alone are not indicative of whether an overall gain or loss was realized from a securities transaction. 

      • Gross proceeds report only the sale or maturity of a capital asset, which is reportable to the IRS.

      • The gain or loss for any given transaction is a function of the sales proceeds, the purchase price and allowable transaction costs.1  

 



Where can I find information about my sales proceeds, the purchase price and allowable transaction costs?


Information relating to each of these items is available, on an individual transaction basis, from both the monthly and annual confirmation statements located in the Statements and Downloads section of Account Management.




Download Formats Available:


To help with your calculations, we have formatted the monthly confirmation statements in:


        • MS Money  

        • Quicken

        • (or you may choose to use an Excel Spreadsheet) 



Need Help with your download?

If you have trouble with downloading your statements, please contact the Technical Assistance Center at 1-877-442-2757, and press 4.

 


Please Note:

For certain securities purchased after 2010 we will report tax basis information on Form 1099-B.

Neither Place Trade Financial nor our clearing firm can provide any assistance in determining transaction gains or losses due to the numerous and often taxpayer specific considerations involved. Please consult with your tax advisor for guidance in this area.

 

Call us today at 1-800-50- PLACE or 1-919-719-7200 for more information!

1Please refer to IRS Publication 550, which is available online at www.IRS.gov, for further guidance.

In compliance with Treasury Department Circular 230, unless stated to the contrary, any information contained in this FAQ was not intended or written to be used and cannot be used for the purpose of avoiding tax penalties that may be imposed on any taxpayer.



Tax Information and Reporting ~ Non-US Person or Entity

Initial Application & Data Collection

Year-end Tax Forms

Year-end Reports

Per se Corporations

Tax Information and Reporting ~ US Person or Entity ~ Initial Data & Data Collection 
 



IRS Circular 230 Notice: These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor.

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