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What are the tax requirements on Term-Noncovered Securities?

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What are the tax requirements...
What are the tax requirements on Long Term-Noncovered Securities?
Submitted: 2 years ago.Category: Tax
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Answered in 1 minute by:
2/13/2016
Tax Professional: emc011075, Tax adviser replied 2 years ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,687
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you. What do you mean with tax requirements? Do you mean reporting/filing requirements?

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Tax Professional: emc011075, Tax adviser replied 2 years ago

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.

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Tax Professional: emc011075, Tax adviser replied 2 years ago

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