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dadoes

Form 1040 - Sale of Mutual Fund

dadoes
20 years ago

I sold all my shares in a mutual fund in September 2003 that I had held since 1996. I've always done my own tax return, and don't know how to handle this transaction. I know it's reported on 1040 Schedule D.

The 1099-B reports the total $-amount of the sale, but as I understand it, that's not the amount on which capital gains tax is calculated. I have a record of all the individual share purchase transactions through the years. How do I figure the cost-basis? Are the $-amounts of each purchase simply added up, and then the gain (or loss) is the difference between that total and the final sales figure from the 1099-B?

The sale proceeds were immediately rolled over into another mutual fund. Is this considered a 'wash sale' for purposes of not being able to deduct a loss, as described in the instructions for Schedule D?

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