Welcome to the community! I'm also relatively new here but have been following this discussion closely since I'm dealing with a nearly identical situation. I've been selling vintage camera equipment on eBay and made about $2,800 in sales with around $950 in profit, also without receiving a 1099. This thread has been absolutely invaluable - reading through everyone's experiences has transformed what felt like an impossible tax puzzle into something completely manageable. The consensus is crystal clear: use Schedule C to report the income, deduct original purchase costs as Cost of Goods Sold, and document your methodology for any estimated costs where receipts are missing. What strikes me most is how common this situation actually is. I thought I was the only one struggling with these tax implications, but it's clear that thousands of casual sellers go through this exact same process every year. The practical advice about skipping the 1099 section in TurboTax and going straight to business income, plus the tips about batching similar items and keeping digital records, are pure gold. I'm particularly grateful for the detailed guidance on researching historical prices for missing receipts. The approach of using multiple sources (eBay completed listings, hobby price guides, Amazon price history) and documenting your methodology seems both thorough and reasonable. For anyone else still feeling overwhelmed by this process - you're definitely not alone, and based on all the shared experiences here, it's much more straightforward than it initially appears. Thanks to everyone who contributed their knowledge!

I'm new to this community but had to jump in because I'm dealing with almost the exact same situation! I've been selling vintage comic books on eBay and made about $2,650 in sales with roughly $875 in profit, no 1099 received. This entire thread has been incredibly helpful - I've been putting off filing for months because I was so confused about the tax implications. Reading everyone's experiences has made it clear that this is actually a very common situation that the IRS deals with regularly. The advice about using Schedule C and treating original purchase costs as Cost of Goods Sold makes perfect sense now. I was getting hung up on the same TurboTax issue where it asks for a 1099 that I don't have. Knowing that I can skip that section and go directly to the business income area is a game-changer. I'm particularly grateful for the detailed guidance on researching historical prices for missing receipts. For comic books, I'm planning to use sites like GoCollect and Heritage Auctions completed sales from the timeframes when I originally purchased the books. The methodology of documenting my research approach seems both reasonable and thorough. What really stands out is how many people have successfully navigated this process without any issues from the IRS. It's reassuring to know that as long as I'm making good faith efforts to report everything accurately, I shouldn't have problems. Thanks to everyone who shared their experiences - you've made what seemed like an impossible tax situation completely manageable!

I've been dealing with a similar situation and wanted to share what I learned from my CPA. The most important thing is to distinguish between a true "worthless security" and a security that was acquired at a minimal value. Based on your description, it sounds like your First Republic shares likely went through the JPMorgan acquisition process rather than becoming truly worthless. Here's what you should do: 1. **Get the facts first**: Call your broker and request the "Corporate Action Notice" for First Republic Bank from May 2023. This will tell you exactly what happened - whether you received cash, JPMorgan shares, or nothing at all. 2. **If you received ANY compensation** (even pennies): This is a regular sale transaction. Use the actual acquisition date, your original cost basis, and whatever you received as proceeds on Schedule D. 3. **For the limit order problem**: Since your shares show $4 value, set your limit price at or below the current bid price (maybe $0.01 per share). This will execute immediately and create the taxable event you need. 4. **Avoid the worthless security claim** unless you truly received zero compensation. The IRS audits these heavily, and if you received even minimal payment, it doesn't qualify. The good news is that either way, you'll be able to claim most of your $5.5k as a capital loss. The documentation from your broker will make everything clear and defensible if questioned.

I went through this exact same situation with my First Republic shares last year, and after working with my tax preparer, here's what we discovered: The key is determining what actually happened during the JPMorgan acquisition. Most retail shareholders of First Republic did receive some minimal compensation - often around $0.00-$0.50 per share - rather than having truly "worthless" securities. Since your shares still show $4 value in your account, this strongly suggests you received something in the acquisition process. Here's my recommendation: 1. **Contact your broker immediately** and ask for the "Corporate Action Statement" or "Reorganization Details" for First Republic Bank from May 1, 2023. This document will show exactly what you received. 2. **For your limit order issue**: Set your limit price at $0.01 per share (or whatever minimal amount ensures execution). Since your total position is only worth $4, this will execute immediately and give you the realized loss you need. 3. **Report it as a regular sale on Schedule D**: Use May 1, 2023 as the sale date, your original $5.5k as the cost basis, and whatever minimal amount you received as proceeds. 4. **Avoid claiming "worthless securities"** unless you truly received $0. The IRS heavily audits these claims, and if you received any compensation (even pennies), it doesn't qualify. The bottom line: You'll still be able to claim nearly your entire $5.5k loss as a capital loss, but make sure you have proper documentation from your broker first. Don't let the complexity paralyze you - this is actually a fairly straightforward transaction once you get the right paperwork.

I'm dealing with a similar situation right now as a new partnership member who might need to sell my interest soon due to a job relocation. Reading through all these responses has been incredibly helpful, but I'm curious about timing - when exactly should I request the section 751 information from the partnership? Should I wait until after the sale is complete, or is it better to get this information beforehand so my buyer and I can factor it into the sale price negotiations? I'm worried that if there's significant ordinary income from hot assets, it could affect what someone would be willing to pay for my partnership interest. Also, does anyone know if there are standard industry practices for how partnerships should calculate and provide this information, or is it really just a free-for-all depending on how organized the partnership's accounting team is?

Based on my experience as a tax professional who's handled numerous partnership interest sales, I can confirm that your K-1 will NOT automatically report the section 751 gain from selling your partnership interest. The K-1 reports your distributive share of partnership income/loss through the sale date, but the gain calculation from transferring your actual ownership interest is separate. Your accountant will need to perform a detailed analysis comparing your adjusted basis in the partnership interest against the sale proceeds, then allocate portions between ordinary income (section 751 hot assets) and capital gain. This requires information about unrealized receivables, substantially appreciated inventory, and any special basis adjustments - data that should come from the partnership but often requires specific requests. Given your 35% interest, this could be a substantial calculation. I'd recommend requesting the section 751 information from your partnership immediately, as some partnerships are slow to respond or may need time to compile the necessary valuations. Don't wait until you get your K-1 - start this process now so your accountant has everything needed to properly complete Forms 4797 and Schedule D when tax time comes.

I'm actually in this exact situation right now! Just found some W-2s from 2021 while going through old paperwork and had no idea about that April 18, 2025 deadline until reading this thread. The wage and income transcript tool sounds like a lifesaver - I'm definitely checking that first before filing any amendments. It's crazy how many of us are dealing with missing 2021 documents specifically. Must have been all the job changes and chaos that year! One question for those who've been through this - when you filed Form 1040-X, did you have to explain why the W-2 was missing originally, or do they just process it without asking questions? I'm a bit nervous about looking disorganized to the IRS, but honestly I just completely spaced on including that temp job income. Thanks everyone for sharing your experiences and actual dollar amounts - it's making this whole process feel much more doable!

Just wanted to jump in here as someone who recently went through this process! I found a missing W-2 from 2021 about three months ago and was initially panicked about the deadline situation. After reading through IRS Publication 556 and speaking with a tax professional, I can confirm the 3-year rule is absolutely firm for refund claims. For 2021 returns, that April 18, 2025 deadline everyone's mentioning is correct and there are no extensions. The wage and income transcript tool on irs.gov was incredibly helpful - it showed me exactly which W-2s my employers had submitted versus what I actually reported. Turns out I was missing income from a seasonal retail job that would have resulted in about $580 in additional refund. Filed Form 1040-X in November 2024, sent it certified mail, and received my refund plus $12 in interest just last week. One tip I haven't seen mentioned yet: if you're dealing with multiple missing W-2s from the same year, you can include them all on a single 1040-X rather than filing separate amendments. Just make sure to recalculate everything properly and include copies of ALL income documents from that tax year. The processing time was about 14 weeks for me, which was actually faster than the 16-20 weeks others have mentioned. Good luck to everyone cutting it close on those 2021 deadlines!

I went through something very similar about 6 months ago! Completely forgot about a 1099-B for some mutual fund shares I sold at a loss. I was so worried I'd get penalized, but it actually worked out in my favor. The key thing to remember is that since it's a loss, you're not trying to hide income from the IRS - you're actually entitled to a tax benefit you didn't claim. I ended up amending my return and got back an extra $240 because the loss offset some of my other income. One thing I learned is that you definitely want to amend sooner rather than later, even though you have up to 3 years. The IRS matching process will eventually catch it anyway since brokers report directly to them, so it's better to be proactive. Plus, why wait for money that's rightfully yours? The 1040-X form looks intimidating at first, but it's really just showing what you originally reported versus what it should have been. Take your time with it and don't be afraid to call the IRS practitioner priority line if you get stuck on any part of the forms.

I've been following this thread and wanted to share some additional perspective as someone who's dealt with similar situations. The consensus here is absolutely correct - you should amend your return to include the 1099-B, even for a loss. A few key points that haven't been fully emphasized: 1. **The IRS matching process is real** - Your broker sent them the same 1099-B they sent you, so eventually their computers will notice the discrepancy. It's much better to be proactive than reactive. 2. **Capital loss carryforward** - If you don't use the full $600 loss this year (after offsetting any gains you might have), the unused portion carries forward to future tax years indefinitely. So even if it doesn't help you much this year, it could offset future capital gains. 3. **Documentation is key** - When you amend, make sure to keep copies of everything and send the 1040-X via certified mail. The IRS can take 12-16 weeks to process amendments, but having that paper trail gives you peace of mind. The good news is you caught this relatively quickly after filing. Many people don't discover these oversights until they get an IRS notice months later, which creates more stress and complications. Filing the amendment now puts you in control of the situation rather than waiting for the IRS to potentially contact you about it. The extra refund you'll likely receive is just a bonus for doing the right thing!