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dblreed
New Member

Please define 2 words characterizing Gains or Losses: Covered and uncovered

1099B info entered into my tax return presents a choice between "Covered loss" and "Uncovered loss"  What is the difference and how should I choose which term to use in describing my loss?

Chandler Cook

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Leonard
Intuit Alumni

Please define 2 words characterizing Gains or Losses: Covered and uncovered

Covered gain/loss is from shares purchased on or after January 1, 2012. Tax Form 1099-B will provide cost basis information for covered shares to both the shareholder and the IRS.

Non-covered gain/loss will continue to be reported as they have in the past – only the gross proceeds will be reported to the IRS.

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Leonard
Intuit Alumni

Please define 2 words characterizing Gains or Losses: Covered and uncovered

Covered gain/loss is from shares purchased on or after January 1, 2012. Tax Form 1099-B will provide cost basis information for covered shares to both the shareholder and the IRS.

Non-covered gain/loss will continue to be reported as they have in the past – only the gross proceeds will be reported to the IRS.

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