Nancy sold stock 60 shares of Disney (DIS) stock on 11/15/2019 for $99 per share....

50.1K

Verified Solution

Question

Accounting

Nancy sold stock 60 shares of Disney (DIS) stock on 11/15/2019 for $99 per share. The sale was reported to her on form 1099B; the basis was not reported to the IRS. Nancy received the stock as a present from her grandmother on January 8, 2019. Her grandmother had paid $140 per share for the stock; it had a FMV of $135 per share when she received the stock as a gift.

How is this reported on Nancy's Federal form 1040 Schedule D for the 2019 tax year?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students