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sammieb2409
New Member

My 1099-b only states short term and long term - it doesn't say covered or uncovered - how do I find that out?

 
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MiriamF
New Member

My 1099-b only states short term and long term - it doesn't say covered or uncovered - how do I find that out?

Most 1099-Bs don't use the terms "covered" and "noncovered." Instead they report basis is reported to the IRS" or "basis is not reported to the IRS."

The term "covered" means that the stock was purchased in 2011 or later, when the rules changed for reporting stock purchases. "Covered" and "is reported" refer to the same regulation.

Likewise, stocks purchased before 2011, or securities not covered by the 2011 regulation, are "noncovered," and your 1099-B probably describes them as "is not reported."

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MiriamF
New Member

My 1099-b only states short term and long term - it doesn't say covered or uncovered - how do I find that out?

Most 1099-Bs don't use the terms "covered" and "noncovered." Instead they report basis is reported to the IRS" or "basis is not reported to the IRS."

The term "covered" means that the stock was purchased in 2011 or later, when the rules changed for reporting stock purchases. "Covered" and "is reported" refer to the same regulation.

Likewise, stocks purchased before 2011, or securities not covered by the 2011 regulation, are "noncovered," and your 1099-B probably describes them as "is not reported."

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