I am even more confused when you say "The adjusted cost basis of non-covered securities is only reported to the taxpayer, and not the IRS." Isn't the same 1099-B form sent to both me and the IRS? So, whatever is reported to me is also reported to the IRS, right? Do you mean sending the 1099-B form which has cost basis to IRS is not an official report, and there is another tool to report to IRS? Where am missing? Sorry for my confusion.
