I am trying to enter my 1099-B form but i am not sure if my description is long term or short term and if it is reported to IRS and if it is covered or non covered
it says basis report to IRS=0 And says non cover security, so should i out short term no reported and non cover its the only option i see
03582
3 Replies
RetiredinMich
Returning Member
Feb 19, 2022 5:43:11 PM
A lot of different stuff is reported on a 1099-B. It sounds like you may be talking about option contracts? Could you clarify the type of transaction so some one can discuss the situation accurately. If it's simple stocks, long-term is more than one year between the purchase and sale.
ColeenD3
Expert Alumni
Feb 20, 2022 6:23:09 AM
You can look at the dates to determine if it is long-term or short-term. The basis reported is zero. If the basis is unknown it defaults to zero.
fanfare
Level 15
Feb 20, 2022 7:43:15 AM
if you look carefully at the broker's report, it will tell you what box to check, in the fine print.
If not there, it's probably one of those new startup brokers whose customer service is not so hot.