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Get your taxes done using TurboTax
Noncovered shares are very unlikely to be short term, since those would only be for shares held less than 1 year, and brokerages have been required to provide basis as being "covered" for many years now.
(But, I can't know all possible strange situations)
1) IF you held the shares for over one year, they are long-term.
2) IF you held the shares less than one year, BUT, they were inherited.....then they are automatically considered long-term, and their basis is their value on date of death of the original owner.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
‎April 10, 2022
6:03 AM