1099-b

skminhas · Post by **skminhas** » Sun Mar 29, 2009 4:02 pm

My husband received a 1099-b form and I do not know how to deal with it. I know I have to fill a schedule D form but the 1099-b has not info about the number of shares sold, what the cost basis is, when the shares were bought and sold and that sort of thing.

Do I really need all that or can simply put the amount shown on Line 2 on the 1099 b form in line 2 of schedule D and get on with it?

nelsona · Post by **nelsona** » Sun Mar 29, 2009 9:59 pm

Are you a US citizen? If not, and you live in Windsor, your cap gains aren;t taxable in US. You should be filing 1040NR

skminhas · Post by **skminhas** » Mon Mar 30, 2009 8:18 am

We are cdn citizens but there is a schedule D line on the 1040 NR. And they did deduct fed taxes off on the 1099-B.

nelsona · Post by **nelsona** » Mon Mar 30, 2009 9:03 am

Your cap gains are not business related, so should not appear on the front page of yopur 1040NR. There is a table on page 4. The taxarate for Cdn residents on cap gains is ZERO. So regardless of how you figure out the gain or loss, its taxrate is ZERO. You will therefore get all the taxback when you report the withholding on your 1040NR

What you should be more concerned about is how you are going to declare the cap gains on your Cdn return, as you indeed do have to determine the cost basis and the actual gain for Cdn tax purposes.