Ask Terry Questions Broker Transfer, then Sale, changed to STG rather than LTG

Broker Transfer, then Sale, changed to STG rather than LTG

By Terry Savage on February 29, 2024 | Investments

Hi Terry! I’ve had some shares of IBM for nearly 30 years, both paper and electronic certificates. I consolidated everything into electronic certificates in Computershare in 2022, then I transferred the whole lot to my Schwab brokerage account early last year, in January 2023. I then sold it all in 11/2023, and now Schwab is reporting this as STG on my 1099-B. How would I go about correcting the purchase dates to reflect the true assignment of LTG?

Terry Says

Eek, you need to get them to note that these are coded incorrectly — and that previously owned shares were transferred into the account. It would help if you had the original purchase confirmations, or a statement from your previous brokerage firm, and if you had photocopied the paper certificates you transferred to them (which would have the date of issuance on them).

Just keep raising a stink at Schwab, and mention that you contacted a newspaper columnist about this. Keep asking for a supervisor. Pls write back and let me know what happens.



a personal
finance question