What you are looking for is a statement that summarizes information for the year. It should include sections labeled 1099-INT for interest, 1099-DIV for dividends, and 1099-B for stock or bond sales.
Consolidated tax statements follow no standard format, and come in a wide variety of styles. Many annual statements look similar to periodic (i.e., monthly) statements from the same broker, bank, or mutual fund company.
Is the Information on My Consolidated Tax Statement?
You may need to look to other sources for the date acquired, or for your cost or basis of your investments. Though many brokers, banks and mutual fund companies include your purchase information on consolidated statements, many do not; you may need to contact them for this information.
To avoid the hassle of tracking down purchase information, we recommend you keep your own records of all your investment purchases.
What Dates Do I Enter? If you bought the item you sold, enter:
The date you bought the asset as the date you acquired it. If you sold stock or bonds, the date you acquired the asset is the trade date. This should be on your buy confirmation statement from your broker.
The date shown on your Form 1099-B or 1099-S, or the date you sold the item, as the date sold. We will use your dates to decide if the sale should be reported as a short-term or long-term sale.
If you inherited the item, enter the word "Inherited" for the date you acquired the item. When you sell inherited assets, you have a long-term gain or loss.
If you bought an option that expired, enter the word "Expired" as the date you bought the option. Then, you'll have to tell us when it expired in the date sold column.
If you sell a group of similar assets, such as shares in a mutual fund, you can enter the word "Various" for the date you acquired your assets. Then you can tell us how long you owned the assets you sold. Before you use "Various," be sure to sort your sales by the date you sold them and the length of time you owned them so that your sales dates and holding periods will be correct. You need to separate the sales into assets you owned:
- A year or less, for short-term sales, taxed at rates between 10 and 35 percent in 2007.
- More than a year, for long-term sales, taxed at either 5 or 15 percent for 2007.
- If you sold collectibles, put those sales in another group. They could be taxed at a higher rate than other gains, up to 28 percent in 2007.
Important Note: If you enter a word instead of a date in a date field, such as "Various," you must tell us whether to report your sale as a long or short-term sale. If you don't give us this information, we will treat your gain or loss as a long-term gain or loss.
What Do I Enter For Sales Price and Cost, or Basis?
Most of the time, your sales price is the amount on the Form 1099-B or 1099-S that your broker or real estate agent sent you.
If you sold an asset and didn't use a broker or a real estate agent, enter the amount shown on your sales contract.
Your cost is usually the amount you paid for your property, but there are some special circumstances where you will report something different. See IRS Publication 550, Investment Income and Expenses, for details about how to figure your cost or basis when you sell property that you:
- Inherited
- Received as a gift
- Received for work you did
- Received in exchange for other property
- Received from a stock split or stock distribution
- Purchased when you exercised stock rights or stock options
- Purchased by reinvesting dividends, including mutual fund shares
- Acquired at a premium
- Added improvements to, or depreciated
- Acquired in other ways
- What if I Got Incorrect Information?
- Information imported from your financial institution must match tax information reported to you on paper documents.
Contact your financial institution to report any differences between your paper copies and imported information, or to report incorrect information on your paper copy.
TurboTax Online offers in-depth help for handling capital gains tax.
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