Non covered cost basis not reported to IRS - 1099B

Forum|Forum|4 years ago
April 14, 2022
1 reply
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This example is particularly to SLV (silver ETF), although it says not reported, but in the 1099B, there is a number in cost basis (col 1e) a shown below.

However, I understand there is a sale to cover the fee.

questions:

1. why the broker has a number for me but NOT for the IRS? (non covered)

2. do i need to enter adjustment to cost basis?

3. if yes, where?

thanks

TurboTax Home & Biz Windows

Best answer by Bsch4477

A non covered security was bought before the IRS mandated providing cost basis. So those securities do not have to have a cost basis reported to the IRS but the information, if available, is reported to the tax payer.

B

Bsch4477

Employee

You don’t have to change anything. Report what is on your form.

C

craftindoAuthor

Employee

any tax law information saying fidelity calculate that or certain broker prepare it on behalf of the investors? why is it then NOT sent /reported to IRS?

B

Bsch4477Answer

Employee

A non covered security was bought before the IRS mandated providing cost basis. So those securities do not have to have a cost basis reported to the IRS but the information, if available, is reported to the tax payer.