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Subject Author Date
1099-B francesllee 04-02-2007
|--> Re: 1099-B Ira Smilovitz04-03-2007
|--> Re: 1099-B A.G. Kalman04-03-2007
|--> Re: 1099-B Rich Carreiro04-03-2007
|--> Re: 1099-B A.G. Kalman04-11-2007
Posted by francesllee on April 2, 2007, 5:58 pm
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 I received a 1099 from Wells Fargo Advantage Funds because
we cashed out in 2006. 1099-DIV says that it's not
applicable. I'm going to file a form 4797 for the 1099-B.
Do I have to file a 1040 because I'd rather file a 1040A?

Thanks!

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Posted by Ira Smilovitz on April 3, 2007, 1:48 am
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> I received a 1099 from Wells Fargo Advantage Funds because
> we cashed out in 2006. 1099-DIV says that it's not
> applicable. I'm going to file a form 4797 for the 1099-B.
> Do I have to file a 1040 because I'd rather file a 1040A?
>
> Thanks!

Wrong form. You don't file a 4797 for the sale of an
investment. You file Schedule D and a full 1040.

Ira Smilovitz

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Tom Russ on April 3, 2007, 1:48 am
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francesl...@gmail.com wrote:

> I received a 1099 from Wells Fargo Advantage Funds because
> we cashed out in 2006. 1099-DIV says that it's not
> applicable. I'm going to file a form 4797 for the 1099-B.
> Do I have to file a 1040 because I'd rather file a 1040A?

OK, I'm not a tax expert, but...

Why are you filing a Form 4797? Were the mutual funds
connected in some way with a business?

Assuming that this is a personal investment, then the form
you would need to fill out would be Schedule D to go with
your full 1040 form. You can forget about the 1040A.

You will need to compute your tax basis in the Advantage
Funds that you sold, in order to figure out the capital
gains. The basis is generally all of the money you spent
buying the funds in the first place. Note that this
includes any dividends that were paid to you and reinvested
-- including automatic reinvestment.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by A.G. Kalman on April 3, 2007, 1:48 am
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francesllee@gmail.com wrote:

> I received a 1099 from Wells Fargo Advantage Funds because
> we cashed out in 2006. 1099-DIV says that it's not
> applicable. I'm going to file a form 4797 for the 1099-B.
> Do I have to file a 1040 because I'd rather file a 1040A?

The 4797 is used for the sale of business property. It
appears that you have the sale of securities (mutual funds).
That gets reported on Schedule D of Form 1040.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Rod on April 3, 2007, 1:48 am
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> I received a 1099 from Wells Fargo Advantage Funds because
> we cashed out in 2006. 1099-DIV says that it's not
> applicable. I'm going to file a form 4797 for the 1099-B.
> Do I have to file a 1040 because I'd rather file a 1040A?

You would use schedule D not 4797 and yes you would have a 1040

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>


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