On a 1099-B does info need to be entered if it says basis "is reportrd" to IRS, or "is not reported"?

[ce-jonese]

On a 1099-B does info need to be entered in the tax return, if it says basis "is reportrd" to IRS, or "is not reported"? Please, How to handle?

[Just-Lisa-Now-]

All transactions need to be reported.

[ce-jonese · Accepted solution]

Hi Lisa!  Thank You!  You said every 1099-B needs to be entered?  If the basis IS or IS NOT reported to IRS.  I appreciate your help!

[Just-Lisa-Now-]

All transactions need to be reported on the clients tax return, whether the basis has been reported to IRS or not.

[ce-jonese]

THANK YOU!!!

[Mohamed]

Yes, you need to enter all of them and report them the same way it listed on 1099-B, if it was reported, check yes and yes ( reported on 1099-B and reported to IRS) , if basis was not reported, then check yes and no ( yes for reported on 1099-B and no for reported to IRS), also remember you have to report short and long term separately. 

[Jim-from-Ohio]

been entering totals for  years. never had a single one turn into a problem

[Just-Lisa-Now-]

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@Jim-from-Ohio wrote:

been entering totals for  years. never had a single one turn into a problem

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Oh I agree, I only enter summaries for each type of transaction, ST, LT, covered or non covered.....but all of them, even the ones that basis is reported to IRS need to be included.