I recently received my 1099-B from my brokerage company and noticed that the uncovered securities listed on it. Specifically, some transactions that should have been marked as covered were instead marked as uncovered because all of the sell transactions have corresponding buy transactions on the same day. The brokerage company told me it is because those uncovered securities listed are limited partnership. I am a bit confused as to why this could be an issue for the brokerage company to recognize the cost basis for the sale proceeds. However, I want to make sure that I am entering the cost basis correctly in TurboTax.
Are there any special considerations or potential pitfalls that I should be aware of when entering the cost basis for limited partnerships in TurboTax? I am planning to straightforwardly find all the cost basis for the same day and enter it in the appropriate field, but I want to be sure that I am doing everything correctly.
