A noncovered security means a broker is not required to report the cost basis of that security to the IRS. The adjusted cost basis of noncovered securities is only reported to the taxpayer, not to the IRS. For noncovered securities, you are responsible for reporting cost basis information to the IRS when you file your taxes.
A covered security means a broker is required to report the cost basis of that security to the IRS.
Did not receive a 1099-B form means you are reporting an investment for which an IRS form 1099-B was not reported to the IRS.
Capital gains and losses are separated by long-term and short-term basis.
- Short-term gains or losses come from the sale of investments owned one year or less.
- Long-term gains or losses come from the sale of investments held more than one year.
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