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IF LT has amounts, it means the sale was long term... you also need to know if basis is listed on the form to determine the sales category. Please see below for details:
The sales category is determined by two factors:
For example, if you stock basis is reported to the IRS (it therefore shows on the form 1099-B), and the stock's holding period was longer than a year, you would select box D as your sales category - long term sales with cost basis reported to the IRS. You would repeat the process for each transaction.
Some 1099-B forms will not mention boxes A,B, etc. If that is your case, please look for what each box stands for and select the box based on the two factors mentioned above:
Box A - Short term covered -short terms sales with cost basis reported to the IRS
Box B - Short term noncovered - short terms sales with cost basis NOT reported to the IRS
Box C - Short term not reported - short terms sales not reported to the IRS
Box D - Long term covered - long term sales with cost basis reported to the IRS
Box E - Long term noncovered - long terms sales with cost basis NOT reported to the IRS
Box F - long term not reported - long terms sales not reported to the IRS
Box X - Holding period and cost basis NOT reported to the IRS.
IF LT has amounts, it means the sale was long term... you also need to know if basis is listed on the form to determine the sales category. Please see below for details:
The sales category is determined by two factors:
For example, if you stock basis is reported to the IRS (it therefore shows on the form 1099-B), and the stock's holding period was longer than a year, you would select box D as your sales category - long term sales with cost basis reported to the IRS. You would repeat the process for each transaction.
Some 1099-B forms will not mention boxes A,B, etc. If that is your case, please look for what each box stands for and select the box based on the two factors mentioned above:
Box A - Short term covered -short terms sales with cost basis reported to the IRS
Box B - Short term noncovered - short terms sales with cost basis NOT reported to the IRS
Box C - Short term not reported - short terms sales not reported to the IRS
Box D - Long term covered - long term sales with cost basis reported to the IRS
Box E - Long term noncovered - long terms sales with cost basis NOT reported to the IRS
Box F - long term not reported - long terms sales not reported to the IRS
Box X - Holding period and cost basis NOT reported to the IRS.
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