New Cost Basis Reporting Rules Effective January 1, 2011
Under new IRS regulations, beginning with the 2011 tax year, financial institutions must report to the IRS on clients’ Forms 1099-B (Proceeds from Broker and Barter Exchange Transactions) not only gross proceeds of sales but also the adjusted cost basis for stock sold and whether the related gain or loss is long-term or short-term. The… Read More