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posted Jun 4, 2019 1:09:32 PM

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

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1 Best answer
Level 15
Jun 4, 2019 1:09:33 PM

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.

1 Replies
Level 15
Jun 4, 2019 1:09:33 PM

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.