Cost Basis Reporting Information on Form 1099-B
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As result of legislation enacted by the U.S. Congress, financial firms are required to report cost basis information to the IRS beginning with tax year 2011, as part of their annual tax reporting process. The cost basis reporting law is phased in over multiple years. Generally, brokers are required to report cost basis on securities that are acquired on or after the below effective dates:
SECURITY TYPE (Specified Securities)
|Equities||Acquired on or after January 1, 2011||Acquired prior to January 1, 2011|
|Mutual Fund, Dividend Reinvestment Plan Shares||Acquired on or after January 1, 2012||Acquired prior to January 1, 2012|
|Basic Debt Instruments (certain fixed rate/ fixed term bonds), Certain Options, 1256 Contracts||Acquired on or after January 1, 2014||Acquired prior to January 1, 2014|
|Complex Debt Instruments (e.g., variable rate bonds, foreign debt, etc.)||Acquired on or after January 1, 2016||Acquired prior to January 1, 2016|
The cost basis will continue to be reported for covered securities such as equities, mutual funds and DRP. A security is considered covered if it was acquired on or after the IRS effective date. Acquisitions before the effective date are considered non-covered. For covered securities, Form 1099-B must include the adjusted cost basis and acquisition date of each security that is sold and indicate whether any resulting gain or loss is long- or short-term. Cost basis for non-covered securities will be displayed for informational purposes only and won't be reported to the IRS.