On a 1099-B do I have to report Long Term Transactions for which basis is NOT reported to the IRS. Box 5 says non-covered security

ssshropsh · ‎June 4, 2019

SteamTrain · ‎June 4, 2019

Yes you do

....all that says is that the Financial institution is NOT providing the "BASIS" for that transaction...and you have to make sure you enter the correct basis for those shares,,,,,or the IRS will tax you on the entire proceeds, not just the gain.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

View solution in original post

SteamTrain · ‎June 4, 2019

Yes you do

....all that says is that the Financial institution is NOT providing the "BASIS" for that transaction...and you have to make sure you enter the correct basis for those shares,,,,,or the IRS will tax you on the entire proceeds, not just the gain.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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On a 1099-B do I have to report Long Term Transactions for which basis is NOT reported to the IRS. Box 5 says non-covered security