Here's Something Scary
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Here's Something Scary Capital gains reporting by brokers begins with the 2012 tax year.
Ira Smilovitz
In a message dated 10/31/2011 10:09:27 A.M. Eastern Daylight Time,
laurie@bivio.biz writes:
Starting this year, a new tax program is being phased in which requires your broker to report your capital gains to the IRS. On Mon, Oct 31, 2011 at 10:24 AM, <IraS1@aol.com> wrote:
Hi Ira, It's being phased in over three years: http://www.irs.gov/taxpros/article/0,,id=237099,00.html For stocks, it affects securities purchased starting in 2011. For mutual funds and DRIP's it starts in 2012. -- Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Note also that the due date for form 1099-B moves
to Feb 15th. That later date also applies to form 1099 in general
when form 1099-B and other 1099 items are reported together on a
consolidated statement.
-Jim Thomas
On Mon, Oct 31, 2011 at 12:30 PM, Jim Thomas <jimt075@comcast.net> wrote:
Yes. Even if you don't sell any securities within the year, the broker can delay the issuance of the consolidated 1099 until Feb. 15. So that's the date your investment clubs should focus on going forward. -- Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio |
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