Sold for a loss, now what ?

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Jerry55
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Sold for a loss, now what ?

Post by Jerry55 » Sun Jan 26, 2020 8:55 pm

I sold 600 shares of GE Stock last year for a loss of about $4,000 or so..... ~ 9K purchases

Bought on Scott Trade which was taken over by TD Ameritrade.
Would the paperwork I receive indicate the loss that's easy to discern ?
I have the purchase price still indicated on Yahoo.....
It was my only stock purchase from 10 years ago.
Retired CSRS on 12/19/2012 @ age 57 w/39 years | Good Bye Tension, Hello Pension !!!

Katietsu
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Re: Sold for a loss, now what ?

Post by Katietsu » Sun Jan 26, 2020 9:07 pm

You will get a 1099-B that will show the sale proceeds and sale date.
It sounds like the the stock shares may be non covered shares. If the purchase was in 2010 or earlir they are non covered. This means that TD Ameritrade will not provide the basis to the IRS. They may or may not report the basis to you. When you fill out your tax return you will report the sales information from the 1099-B and the purchase information from your records.

SlowMovingInvestor
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Re: Sold for a loss, now what ?

Post by SlowMovingInvestor » Sun Jan 26, 2020 9:32 pm

Jerry55 wrote:
Sun Jan 26, 2020 8:55 pm
I sold 600 shares of GE Stock last year for a loss of about $4,000 or so..... ~ 9K purchases

Bought on Scott Trade which was taken over by TD Ameritrade.
Would the paperwork I receive indicate the loss that's easy to discern ?
I have the purchase price still indicated on Yahoo.....
It was my only stock purchase from 10 years ago.
You can check the Cost Basis --> 'Realized Gain/Loss' tab on TDAM. It should show you what TDAM thinks the loss is on the stock. If it matches your records, that means that the cost basis was carried over from Scottrade. In either case, TDAM may or may not send the cost basis over to you along with your tax forms.

Note that even if TDAM has the cost basis, they might or might not have the actual orders/statements showing the purchase. Typically they keep records going back 10 years., so they might have 2010 statements. You should download those before TDAM erases them as outside their 10 year window.

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Jerry55
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Re: Sold for a loss, now what ?

Post by Jerry55 » Sun Jan 26, 2020 10:14 pm

Thanks all. I went to their site and saw stuff that I don't understand, which is why I'm staying with Mutual Funds.

I know what I paid, and I know what I got back, but their page confuses me even more.
I'll wait til the tax forms are put out, and see what they say.....I certainly hope it's easy, like

Column 1a XXXX
Column 1b XXXX

etc. I know what a rookie looks like when I see into my bathroom mirror now. :oops: :wink: :annoyed

https://drive.google.com/file/d/1E4fmi7 ... YZa46/view
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Fclevz
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Re: Sold for a loss, now what ?

Post by Fclevz » Sun Jan 26, 2020 11:11 pm

From that screenshot it looks like you have a $1,907 gain, not a loss.

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Jerry55
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Re: Sold for a loss, now what ?

Post by Jerry55 » Sun Jan 26, 2020 11:14 pm

Fclevz wrote:
Sun Jan 26, 2020 11:11 pm
From that screenshot it looks like you have a $1,907 gain, not a loss.

That's what bothers me. I purchased those 600 shares for about 9K, sold for around $4,300
I paid averaging $14-$18 per share, and sold for around $8.50, so that's totally impossible.
I guess I'll have to do some homework, because Scottrade had the data from when I purchased it in 2008-2009
Last edited by Jerry55 on Sun Jan 26, 2020 11:28 pm, edited 1 time in total.
Retired CSRS on 12/19/2012 @ age 57 w/39 years | Good Bye Tension, Hello Pension !!!

SlowMovingInvestor
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Re: Sold for a loss, now what ?

Post by SlowMovingInvestor » Sun Jan 26, 2020 11:20 pm

Looking at your screenshot

If you click on the green circle with a + inside on the left, it should expand and show you all lots of a sale (i.e. when purchased and for how much). It should also show you purchase date if TDAM has it. TDAM seems to think you have multiple lots of purchase, not just one purchase lot of 600.

HOWEVER, if TDAM does not have the cost basis, it will show zero as a cost. That may explain why it shows you a gain when you think you had a loss. OTOH, you might be mistaken in what you think the cost was.

If the lots do actually exist and have a price and a date, then likely TDAM is correct. You can go to statements in TDAM and look at the statement for the month (if they are still around) that TDAM says the shares were bought, and verify the cost. If you bought in 2008 or 2009, the online statements are likely gone.

You can sometimes edit the cost basis (not always) or ask TDAM to correct the cost basis.

increment
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Re: Sold for a loss, now what ?

Post by increment » Sun Jan 26, 2020 11:29 pm

Jerry55 wrote:
Sun Jan 26, 2020 11:14 pm
That's what bothers me. I purchased those 600 shares for about 9K, sold for around $4,300
Yeah, they seem to think that the per-share basis is $4.74. But since 2000, GE's low price was $6.66. I don't think there should have been any adjustments to basis since then.

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Re: Sold for a loss, now what ?

Post by Jerry55 » Mon Jan 27, 2020 4:39 pm

I still have the basis when I put that data into Yahoo Finance, but they discontinued updating it.
However, the entire cost is there, just not the lots I purchased at various prices, in groups of 50.
I called today, and they told me the data is prelimanary, and the actual 1099 should be correct when it comes out on Feb. 15.
The data I manually entered into Vanguard back in 2013 is still there and hasn't changed, with the correct purchase value.

GE General Electric Co
Purchase value $9,912.00

We'll see.
Retired CSRS on 12/19/2012 @ age 57 w/39 years | Good Bye Tension, Hello Pension !!!

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Re: Sold for a loss, now what ?

Post by Jerry55 » Thu Feb 13, 2020 10:05 pm

Final Report....

Apparently, TD Ameritrade had only data on 100 of the 600 shares I purchased, however, I had the total amount spent in 2 different places.
(Yahoo Finance and Vanguard). So, I took the total spent, divided it by 6 and used 5/6 of that figure to claim the remaining loss.
$9,912 / 6 = $1,652. TDA had 100 share basis reported to the IRS, but not the remaining 500 share basis were reported to the IRS....
so, I took $1,652 x 5 = $8,260 as my cost basis, and the figures worked out well.
I submitted via TurboTax, and within 15 minutes, it was accepted by the IRS. It also kept a record of my "carry-forward" deductions for next year.

Thank You TurboTax, Thank you for the Bogleheads Forum and all of you who helped me in some fashion or another.
I am permanently OUT of individual stocks and 100% Mutual Funds now. It turned a $122 refund into a $2,347 refund.
Retired CSRS on 12/19/2012 @ age 57 w/39 years | Good Bye Tension, Hello Pension !!!

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