Hi

I am new to this forum and I did do a search but didn't find any answers.

I did not file taxes in 2010 and aside from "day-trading" was unemployed. After speaking with the IRS, they sent me 50 pages worth of 1099-B's that I am now attempting to enter into a return. Here is the question, the online tax filing website I am using asks for both the purchase price and sale price of the stock. But, the 1099-B info I have only lists a single $ dollar amount and doesn't seem to specify whether or not it was a buy or sell.. I went to the online trader I used but apparently they only hold transaction info and tax info for 13 months. And, I no longer have whatever documents they would have sent me.

Any advice on how I can file these based on the 1099-B information I have?

Thanks, Chris

“I did not file taxes in 2010 and aside from "day-trading" was unemployed. After speaking with the IRS, they sent me 50 pages worth of 1099-B's that I am now attempting to enter into a return.”-If you are subject to tax refund, the IRS has three years to give you a refund, three years to audit your tax return, and ten years to collect any tax due. Together, these laws are called the statute of limitations. They put time limits on various tax-related actions that you and the IRS can take.You have 3 years to claim a tax refund.This is measured from the original deadline of the tax return, plus three years. For example, your 2010 tax return is due on April 15th, 2011. Add three years to this filing deadline, and you have until April 15th, 2014, to file your 2010 tax return and still get a tax refund. If you file your 2010 return after April 15th, 2014, then your refund "expires." It goes away forever because the statute of limitations for claiming a refund has closed.
“ Here is the question, the online tax filing website I am using asks for both the purchase price and sale price of the stock. But, the 1099-B info I have only lists a single $ dollar amount and doesn't seem to specify whether or not it was a buy or sell.. I went to the online trader I used but apparently they only hold transaction info and tax info for 13 months. And, I no longer have whatever documents they would have sent me.”------->Tracking down old stock prices isn't easy;you can find a stock's price from a long time ago. QUOTE,” When you're looking for stock quotes past or present, your first stop should be USATODAY.com.In the quote pages, accessible from money.usatoday.com, you have access to powerful stock quote and charting tools that should help you most of the time. Just enter the stock symbol of the company you're interested in, and USATODAY.com will show the current stock price and lots of other trading information, including USA TODAY's exclusive Stock Meter score, which gives you a quick measure of how aggressive or conservative an investment the stock is. If you click on "Charts" and then "Go to Java charting" you will get an interactive chart that lets you find the stock price on any day in the past by mousing over the date.There are cases when no general financial website can help you. And that's when the stock you are interested in no longer trades. Most websites remove stocks from their database when they stop trading. They're also removed from the public stock quote systems at the New York Stock Exchange and Nasdaq.Your next step would be to check Hoovers.com, which maintains an excellent database of company histories. This search turned up nothing for Patriotic Order Sons of America. But Hoovers.com does have a detailed history of May Department Stores, if you are willing to pay for a report. According to Hoovers May became part of Federated Department stores on Aug. 30 2005, when May shareholders got $17.75 in cash and 0.3115 shares of Federated common stock for every share of May.If you want May's stock price before Aug. 30, 2005 you will likely need help. One way would be to visit your public library and get back issues of The Wall Street Journal , which has a long history. Just be careful, this method is tricky because you have to adjust for all the stock splits properly.Another approach is to call the company's investor relations office. Federated might be able to furnish you with May stock prices. It may not. Other possibilities would be to contact your stocbroker. Some brokerage firms either have the historical data or can get it for you. And if that doesn't work, you may need to contact the Center for Research in Security Prices, or CRSP. This organization, affiliated with the University of Chicago, is the best resource for historical stock prices of both actively trading and extinct stocks. Your broker may have access to the database, and if so, should be able to help you, because getting a subscription from CRSP could be prohibitively expensive.

“Any advice on how I can file these based on the 1099-B information I have?”------>Roughly speaking, when you sell a stock, the sales price you report on Sch D of 1040 should be the same as the amount reported on your 1099-B. The IRS matches the amounts the financial institutions report with the amounts you report, and you can expect to get a notice if the amounts don't agree. Starting with 2011, the form has new boxes so the IRS can collect cost basis information as required by a recent federal law.As before, you will see information on the form for the name of the security you sold, the date of the sale, the proceeds and any federal tax withheld. Now as you enter your sales information, you could be asked to enter information related to new fields on the form: cost basis, covered or noncovered security and cost basis reported to the IRS, depending on your situation.NOTE: Your broker will report this information on either a Form 1099-B or consolidated year-end statement.You need to enter proceeds from stocks or dividends and other securities from IRS form 1099-B on schedule D/ form 8949. Enter the date of sale for the transaction, type of security--such as stocks or bonds--with the amount of money made on the sale (less your costs) and a brief description of each asset sold. The IRS has unveiled a new tax form for reporting capital gains and losses from stocks, bonds, mutual funds and similar investments. Starting with the 2011 tax year, investment transactions will be reported on the new Form 8949, Sales and Other Dispositions of Capital Assets. A pdf version of Form 8949 is posted at the IRS Web site; instructions for this new form is included with the instructions for Schedule D. The IRS has also revised Schedule D and Form 1099-B as said above.

Just wondering how long the guru thinks it will take for the 1099-B to ever report basis everytime. Also read where when incorrect basis is reported on a future 1099-B(and it will) there will be steps to dispute and/or correct and substitute correct basis. Your thoughts?