1099-B AMC Reverse Stock Split
It was a bad move. . .acted on bad advice.
In July of last year, I bought roughly 150 shares of AMC stock at $3.90/share for a total of $585.
In August, AMC did a 10:1 reverse stock split, and I received 15 shares.
In September, seeing that the stock wasn't going to recover, I sold the shares at roughly $7.90/share for a total of $118.
Now, on my 1099-B tax form, this transaction is listed under the section for "Undetermined Transactions for Noncovered Tax Lots". . with proceeds being that $118, but $0.00 cost.
This means that a net gain of $118 is being reported, despite actually having a net loss of $467.
In the end, it may not mean too much financially, but I'm curious what others think about this situation and what should be done.
I already have an appointment with a tax professional tomorrow and have also already contacted the company through which I buy/trade stocks. (but have yet to get a response)
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**UPDATE** For anyone in a similar position, I produced the statements showing where I bought/sold the original shares and we recalculated the cost.
Quick and Easy Fix.