1099 Composite Statement

[peggysioux]

1099 Composite form shows assets sold that were held less than one year; however, transactions are listed as long term. Are there exceptions that allow for assets held less than one year to be considered long term?

Peggy Sioux

[rbynaker]

Inherited assets. Or maybe a corporate spin-off.

[Burke]

Often brokers show the "date of acquisition" as the date they received them into the account. As mentioned, these could be inherited assets, those transferred from another brokerage, etc. Inquire of the TP what the actual date is. If he does not know, have him contact the broker as to where they got the information.