You will classify it based on your holding period.
- Long term if the investment has been owned by you for more than one year, or (use date of 'v' and Sale category of Long term noncovered)
- Short term if the investment has been owned by you for less than one year (use date of 'v' and Sale category of Short term noncovered)
Note: Brokers are required to show 'noncovered' if they do not have the information about the cost basis or holding period. This happens usually for one of two reasons.
- The fund or stock was transferred to them from another broker and they don't have the history; or
- It was held with them for longer than the IRS began to require this information from the broker. The owner of the investment was always required to have this information in the past.
Go to the investment sales in question and make the necessary entries for holding period and acquired.
- Search (upper right) for 1099b > Click the Jump to... Link > Edit or Add your sale
@adu221183
[Edited: 04/14/2022 | 6:18a PST]
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