Have a Tax Question? Ask a Tax Expert
Hi. My name is ***** ***** I will be happy to help you. What do you mean with tax requirements? Do you mean reporting/filing requirements?
Covered - noncovered securities is relatively new concept. Both are reported and treated the same way for tax purposes, the only difference is that with covered securities your basis (purchase price, fees) are reported on 1099. With noncovered securities you will have to use your own records to figure out your basis. Basis reduce the sales proceeds so only the difference between the sales proceeds and your basis is reported as taxable.
I see you read my respond. Do you have any questions? Is there anything else I can help you with today?
And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.