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

[dblreed]

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

[Leonard · Accepted solution]

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.