1099 B

[Vs Bk]

received 1099 b from broker, on long-term reported to IRS there is a sale that acquired date and sales date make it short term - so when I enter as correct dates acquired and sold puts it in short term sales

when all done with entries my long term proceeds and cost basis are not as broker reported to IRS

Does that matter or throw up a red flag??

[joshuabarksatlcs]

One possible explanation is that the asset was inherited.  Some brokerages are good at updating the basis with the stepped up basis, but the date would be recorded as the transfer-in date.  Inherited properties are long-term assets regardless of the holding period between the inheritance and sale date.  If this was the case I would check the "inherited property with stepped up basis" box on Lacerte and make the acquisition date marked "INHERITED".

I would ask client if this was the case.  If NOT, I would NOT waste time fining out why the grouping in long term happened., and just force it to be long term as reported and make the acquisition date "VARIOUS". 

As for your question, I don't have actual knowledge if it matters.  Unlike Bob.
 

[Vs Bk]

Thank you - in this case the clients had joint account and spouse deceased in 2021 and now have two broker statements for 2021, one joint and one in spouse name - the trade was listed on the spouses brokerage account - so this probably a force to match how it was reported on the statement using the various and force to be recorded as long term?

[joshuabarksatlcs]

If you determined it was inherited property, check the "inheritance with stepped up basis" box.  I use Lacerte but I understand (suspect?) "the other software" TOS has it too.  The acquisition date would then be shown as "INHERITED".   

As to having "two accounts" and one still in the decedent's name, you may want to work with the family to see how to change the names and owner.  It's a legal matter.  NOT tax matter, except that the last time I checked, decedents don't have the capacity to own things in the tax arena.  It should be taken care of.  You'd read posts like "1099's sent to the passed-awayers".  I'd encourage the family to take care of the title transfers.

Enough said.  

[joshuabarksatlcs]

or as @IRonMaN  would say : Too much said.

[IRonMaN]

There is that 5 line max rule...............

[joshuabarksatlcs]

Now that  @sjrcpa  has left her footprints here, I shall add:

@IRonMaN  and @sjrcpa would both say: Too much said....