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What is the difference between "short-term basis" and "long-term basis", and "covered" and "noncovered" when selling stocks?

 
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What is the difference between "short-term basis" and "long-term basis", and "covered" and "noncovered" when selling stocks?

short-term where sale's date is one year or less after the acquisition date and all short sales 

long-term where the sale's date is more than one year after the acquisition date

covered - basis reported to IRS

noncovered - basis not reported to IRS. 

 

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