It's likely because of a law enacted where basis began to be required to be reported and tracked by the financial agents. This is strictly for your information.
In 2008, Congress passed legislation which required brokers to report the cost basis for securities and mutual funds to both the investors and the Internal Revenue Service (IRS), effective tax year 2011. The difference between covered and noncovered shares is who keeps track of the cost basis.
- For covered shares, the financial organizations are required to report cost basis to both you and the IRS.
- For noncovered shares, the cost basis reporting is sent only to you.
@gk5040
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