do you report noncovered short and long term capital gains on stock transactions shown on 1099-B?
Country/State/Province of question: florida
What do you mean by noncovered ??
Do you still hold those investments ?
You appear offline. Please note that 1099-B is to report "Proceeds" from the broker or a barter exchanges and in case of non-covered securities,
Sales of non-covered securities for which no cost basis is provided on the 1099-B and thus the gain is ALSO reported in 1099-B
You may "Accept" this if it helps and leave feedback as this is the only way we get credit for the work. Alternatively, please feel free to revert with additional queries.Warm Regards,
my 1099-B from my broker has the short term and long term gains and lossed broken down into two sections
Dear Friend, Do you read these messages ? I am online to help you
noncovered transactions - the statement shows the sales price and cost basis for both covered and noncovered transactions so i am sure that we have to report both but just wanted positive confirmation. The brokerage 2011 tax reporting statement has a sentence that reads "Any sale of a security that is not considered a covered security will still be included in this section with ist adjusted cost basis (where available) but will not be transmitted to the IRS." This statement is what is confusing me
You need to know that "Covered" are the sales whose basis is reported to IRS and "non-covered" means NOT reported to IRS as yet. Having said this, in both the cases, you STILL NEED TO REPORT cost basis to IRS. But note that non-covered or not-reported to the IRS does not mean that the brokerage house is not giving YOU the cost basis, it just means the cost basis isn't being reported to the IRS.
it is STILL REPORTED on 1099-b
Also note that the figures of covered / uncovered should NOT be different. The gains/losses being reported to the IRS should be the same they are reporting to you.
Am I clear ? I confirm that it should be reported on 1099-B
You may "Accept" this if it helps and leave feedback as this is the only way we get credit for the work. Alternatively, please feel free to revert with additional queries.
okay, most of the noncovered are stocks purchased before 2011 - guess i should have looked closer. so these all need to included on my return - correct. respond back and i will hit accept for your payment. thanks for your assistance.
Yes.. they need to be included. If your broker has not reported, you should report it.
You are most welcome..!!!
Graduated in law with Emphasis on Finance and have have been working in financial sector for over 8