155443
I am using turbotax premier I bought @ costco.
You'll need to sign in or create an account to connect with an expert.
the point on some stock sales transactions, is that the stock in question is one that was puchased a long time ago, and that the Broker/Mutual Fund is not required to report the purchase price to the IRS....the broker may not even have the purchase price for those stocks
...BUT...you must provide the purchase price/cost yourself on the stock sales forms for these types of sales. IF you don't, the IRS will tax you on the entire proceeds of the sale, not just the "gain" .
__________________________
At one time...prior to ~5 years ago, the broker never provided the purchase price, but more recent regulations require all brokers to keep track....but just for securities purchased in the past few years.....things bought long ago are considered..."Not Covered", and even if imported form your broker...it may not have the cost listed...so you need to make sure it is in there....or if in there, that it is correct.
______________________
So,,,for all Non covered transactions, you need to edit those stock sales to make sure the proper cost basis has been entered properly.
the point on some stock sales transactions, is that the stock in question is one that was puchased a long time ago, and that the Broker/Mutual Fund is not required to report the purchase price to the IRS....the broker may not even have the purchase price for those stocks
...BUT...you must provide the purchase price/cost yourself on the stock sales forms for these types of sales. IF you don't, the IRS will tax you on the entire proceeds of the sale, not just the "gain" .
__________________________
At one time...prior to ~5 years ago, the broker never provided the purchase price, but more recent regulations require all brokers to keep track....but just for securities purchased in the past few years.....things bought long ago are considered..."Not Covered", and even if imported form your broker...it may not have the cost listed...so you need to make sure it is in there....or if in there, that it is correct.
______________________
So,,,for all Non covered transactions, you need to edit those stock sales to make sure the proper cost basis has been entered properly.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
johntheretiree
Level 2
johntheretiree
Level 2
avigo45
Level 3
6616jm
New Member
SCswede
Level 3