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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2995
Experience:  IRS licensed Enrolled Agent and tax instructor
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What are the tax requirements on Term-Noncovered Securities?

Customer Question

What are the tax requirements on Long Term-Noncovered Securities?
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you. What do you mean with tax requirements? Do you mean reporting/filing requirements?

Expert:  emc011075 replied 1 year 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.

Expert:  emc011075 replied 1 year ago.

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