Uncovered stock vs covered stock?

[TomYoung · Accepted solution]

"Covered" = Basis is reported to the IRS on Form 1099-B

"Noncovered" = Basis is not reported to the IRS on Form 1099-B.

You have to provide the basis for sales of noncovered securities from your own records.

Tom Young

[laura_borealis]

TTax recovered the cost basis for my non-covered mutual fund sales when it imported the brokerage information, so this is not as onerous as it sounds. Or is this only because "average cost" is designated as the basis for the sales?