Question about reportable capital losses...

What is the name of your state? Illinois

I invested $12K in mutual funds back in 2000...and never touched it...until I sold all my shares during 2002 for $1500.

The 1099-B form I received shows the $1500 in proceeds I received when I closed my account, but makes no mention of the original $12K.

Shouldn't the original amount be mentioned on the 1099-B, along with the calculated loss?

I have the original figure (and the statement as proof), but am surprised I would be "trusted" to enter this on my tax return without the investment company mentioning it to the IRS on the 1099-B.

-BB

Brokers only send the sale info to the IRS. You file a schedule D to avoid having to pay taxes on the whole amount. Just save the purchase info with your taxes for 4 years.

Also, check to see if you've had reinvested dividends during the years. These would add to your basis & produce a larger loss. You can only take a maximum of $3000 net loss per year. You carry the rest forward for future years.

Thanks for the reply, it as very helpful.

There were divdends...and I will be sure to include those.