Stock Basis

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • RLymanC
    Senior Member
    • Sep 2005
    • 653
    #1

    Stock Basis

    I see the IRS is going to require brokerage firms to report the basis of stock purchases.

    That just may pay of the national debt.
    Confucius say:
    He who sits on tack is better off.
    Tags: None
    • BOB W
      Senior Member
      • Jun 2005
      • 4061
      #2
      Originally posted by RLymanC
      I see the IRS is going to require brokerage firms to report the basis of stock purchases.

      That just may pay of the national debt.
      They have been talking about this for several years. Have they stated, what tax return year it will start?
      Last edited by BOB W; 12-17-2009, 03:39 PM.
      This post is for discussion purposes only and should be verified with other sources before actual use.

      Many times I post additional info on the post, Click on "message board" for updated content.

        Comment

        • abctax
          Member
          • Jan 2009
          • 95
          #3
          Originally posted by BOB W
          They have been talking about this for several years. Have they stated what tax return year it will start?

          I believe it's 1/1/2011. Of course, that could change, depending on the brokerage lobby.

            Comment

            • Lion
              Senior Member
              • Jun 2005
              • 4699
              #4
              New Purchases

              and for purchases on or after 01/01/2011. 2012 for mutual funds? Purchases from that same broker.

                Comment

                • DonPriebe
                  Senior Member
                  • Sep 2006
                  • 526
                  #5
                  and for purchases on or after 01/01/2011. 2012 for mutual funds? Purchases from that same broker.
                  The law was passed about a year ago. IIRC it covers stocks purchased after Jan 1 2011, mutual funds after Jan 1 2012, and "other items" after Jan 1 2013. Part of the law requires brokers to transfer the basis information to the new broker if the account is moved. Brokers do NOT have to adjust basis information for wash sales, even though the draft 1099-B has a box for that.

                    Comment

                    Previous template Next

                    Disclaimer

                    Collapse

                    This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

                    Working...