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FAQ

Betterment & Wealthfront users: Is reporting taxable transactions from Form1099-B as easy as they claim?
Ha no the CPA does not need to enter transactions by hand. Most CPAs probably have software that would import Betterments .csv formattedtax info if desired. But most CPAS wouldnt even go to the trouble theydjust print out your Betterment tax form and attach it to your return this iswhat Ive seen them do. Betterment produces your tax forms for you and summarizes them neatly withthe few numbers you have to enter highlighted. The schedules you print includeeverythign the IRS needs so you attach them. This assumes you do all your ETFinvesting with us as of course you should since we work best when we manageall your money more tax efficient. I do my taxes myself because theyre simple thanks to keeping all myinvestments at Betterment and I used Betterments .csv export and TaxActsoftware which is cheaper and faster than the alternatives in myunscientific opinion. I have heard one or two customers complain that our tax forms were long inpast years. Im sensitive to that issue weve taken some steps to reducetheir length by cleverly combining transactions where there was no tax orcost disadvantage to doing so. I have to give the required disclaimer dont take this post as tax advice andyou should consult a professional tax advisor for any tax prep questions.There you have it.
How do I report Form 1099-B (Proceeds from real estate transactions) inpersonal income tax return?
A2A.Proceeds from real estate transactions are typically reported on Form 1099S.Form 1099B is typically used to report sales made by a broker normally stocksales. Im not sure why you would be getting a 1099B for a real estatetransaction so I assume you meant 1099S. How you report it depends on thetype of property you sold.If you sold a personaluse property you use Part II of IRS Form 8949 Salesand Other Dispositions of Capital Assets to compute the gain or loss. If thisis your personal home and you qualify for the capital gains exclusion youincorporate that on Form 8949. You then carry the information to Schedule DForm 1040 Capital Gains and Losses. You cannot deduct a loss on the sale ofa personaluse property.If you sold a property other than a personaluse property you use IRS Form4797 Sales of Business Property to report the sale. If you did not use theproperty in a trade or business but were holding it for investment theportion of the gain that represents recapture of depreciation is reported asordinary income and any remaining gain is carried to Form 8949 and Schedule Dand reported as capital gain. If you used the property in a trade or businessyou still report depreciation recapture as ordinary income and any remaininggain from the sale is treated as section 1231 gain. See IRS Publication 5442021 Sales and Other Dispositions of Assets for a full description of howto treat section 1231 gain.
How should a capital transaction be reported on an estate's Form 1041 when theestate received Form 1099-B that did not account for a step-up in basis?
You need to file a Form 8949 httpswww.irs.govpubirspdf... with theschedule D to summarize the basis adjustment to the mutual fund.There is a column on the form for basis adjustment use code O in column F andenter the basis adjustment amount in column G.For the reported short term gain that should be long term gain use code T incolumn F and report the gain in the proper long term section of the form.
Why doesn’t a 1099-S need to be issued to corporations? How does thecorporation report the proceeds of the real estate transaction and what checkexists to ensure that the corporation actually reports such proceeds?
Due to the high level of administrative reporting for corporations the IRSexempts corporations from needing to receive a Form 1099MISC at the close ofescrow. It is the responsibility of the corporation to disclose all theirsells and purchases when they are filing their taxes with their CPA. There isreally no cross reference and it would be really hard for the IRS to trackdown every sale that is done unless they did an audit of the corporation.