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.
That just may pay of the national debt.
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Confucius say:
He who sits on tack is better off. -
They have been talking about this for several years. Have they stated, what tax return year it will start?Originally posted by RLymanC View PostLast 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.
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Originally posted by BOB W View Post
I believe it's 1/1/2011. Of course, that could change, depending on the brokerage lobby.Comment
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New Purchases
and for purchases on or after 01/01/2011. 2012 for mutual funds? Purchases from that same broker.Comment
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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.and for purchases on or after 01/01/2011. 2012 for mutual funds? Purchases from that same broker.Comment
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