Will I get a 1099-B when updating Cost Basis on Mutual Funds, but have not sold them?

[DanG12]

Hello,

A few years ago, I consolidated my brokerages accounts at Vanguard, in part by transferring some old mutual fund holdings I had elsewhere.  One of those turned out to be an old one - with non-covered shares (meaning the cost basis was not moved over to the new brokerage).

I have the lot information from old statements, so I was planning on updating the cost basis, but saw a mention of receiving a 1099-B.  I "think" it means I will get that if I sell the shares (which I do not plan to), not just because I'm updating the cost basis.

Was checking to see if anyone knows about this - would I receive a 1099-B just because of an update to cost basis, or is this only triggered if I sell the security?

Thanks a lot!

[Mike9241]

I would say no sale no 1099-B because that only reports cost when there are sales.

[Critter-3 · Accepted solution]

The updated basis would be shown on your broker's monthly statement but if you did not sell the stock it will not be shown on an income tax form.