I'm doing a late filing this year for taxes,?

Question

i have a 1099-b but i have never filed stocks before, so is there

anything in particular I need to know beforehand so I won't look like an idiot. Also do all tax pros in hr block know how to do stocks or do i need to find one first.

Answer 1

Stock trades are very common and should not pose a problem for any tax preparer.  Most Brokers even have a way to download the transaction so you make sure there is no data entry errors.

Answer 2

You need to know your basis in the stocks sold. This is usually how much you paid for it if you bought it. If it was inherited, it is the Fair Market Value on the date of death and if it was given as a gift it would be the basis of the donor.

There can be other things to consider as well. Was this an employee stock purchase plan? Was there a stock split?

Preparation of Schedule D is included in the basic tax class, but there are more advanced classes on Investment Income and Sch. D preparation. I would ask for a person that has done a lot of Sch Ds.