Normally, brokerage firms report cost basis and the type of capital gain on Form 1099-B. However, in some instances, they may not be required—or is simply unable—to provide a cost-basis for a sale. This could be the case if the securities you sold were purchased many years ago, or if you transferred your holdings from one securities firm to another prior to the new reporting requirement. This may be the reason why your brokerage firm reported no basis reported on the Form 1099-B. If you do not include a cost basis, you may be taxed on the entire proceeds of the sale which may bump you from the no-fling threshold to one who is required to file a return. Thus, in either case, you would want to file a return.
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