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Reportable Transactions?
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Confused
Apr 4, 2012, 11:34:10 AM4/4/12
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Can you either explain or refer me to a website that explains reportable transactions so that a human can understand it?
I "think" it has something to do with investments that are set up purely for tax reduction; presumably nothing you can buy at Etrade would be a reportable transaction; but I am not certain of that.
thanks
--
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<< that may be imposed upon the taxpayer. >>
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I "think" it has something to do with investments that are set up purely for tax reduction; presumably nothing you can buy at Etrade would be a reportable transaction; but I am not certain of that.
thanks
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>
Don Priebe
Apr 4, 2012, 11:02:10 PM4/4/12
to
On 4/4/2012 11:34 AM, Confused wrote:
> Can you either explain or refer me to a website that explains reportable transactions so that a human can understand it?
>
> I "think" it has something to do with investments that are set up purely for tax reduction; presumably nothing you can buy at Etrade would be a reportable transaction; but I am not certain of that.
> thanks
Uh - 'Reportable transactions' are transactions that must be reported.
> Can you either explain or refer me to a website that explains reportable transactions so that a human can understand it?
>
> I "think" it has something to do with investments that are set up purely for tax reduction; presumably nothing you can buy at Etrade would be a reportable transaction; but I am not certain of that.
> thanks
Are you perchance asking about 'Covered Transactions'? They are new
this year and a source of confusion.
Don EA in Upstate NY
Pico Rico
Apr 4, 2012, 11:31:54 PM4/4/12
to
"Confused" <*@lippman.info> wrote in message
news:4511855.326.1333510265212.JavaMail.geo-discussion-forums@vbai14...
> Can you either explain or refer me to a website that explains reportable
> transactions so that a human can understand it?
>
> I "think" it has something to do with investments that are set up purely
> for tax reduction; presumably nothing you can buy at Etrade would be a
> reportable transaction; but I am not certain of that.
> thanks
>
IRS form 8886 and its instructions cover this.
> transactions so that a human can understand it?
>
> I "think" it has something to do with investments that are set up purely
> for tax reduction; presumably nothing you can buy at Etrade would be a
> reportable transaction; but I am not certain of that.
> thanks
>
It does seem that they pertain to investments not likely to be made by mere
mortals.
Arthur Kamlet
Apr 5, 2012, 12:23:55 AM4/5/12
to
In article <jlj1v5$9ch$1...@dont-email.me>,
As I understand it, reportable transactions, meaning reportable to
the IRS by the broker, include most trades taxpayers make but not all.
Some trades not reportable by the broker to the IRS include options
trades, some OID amounts, and principal payments on REITs and CMOs.
But the taxpayer is still supposed to report these to the IRS.
Covred or noncovered, I believe, refers to the broker reporting basis
to the IRS, which has to be done for most equity stock acquired in
2011 or later.
Funds are not covered in 2011.
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
Don Priebe <don.an...@gmail.com> wrote:
>On 4/4/2012 11:34 AM, Confused wrote:
>> Can you either explain or refer me to a website that explains
>reportable transactions so that a human can understand it?
>>
>> I "think" it has something to do with investments that are set up
>purely for tax reduction; presumably nothing you can buy at Etrade would
>be a reportable transaction; but I am not certain of that.
>> thanks
>
>Uh - 'Reportable transactions' are transactions that must be reported.
>
>Are you perchance asking about 'Covered Transactions'? They are new
>this year and a source of confusion.
We are speaking of trades done a a stock brokerage right?
>On 4/4/2012 11:34 AM, Confused wrote:
>> Can you either explain or refer me to a website that explains
>reportable transactions so that a human can understand it?
>>
>> I "think" it has something to do with investments that are set up
>purely for tax reduction; presumably nothing you can buy at Etrade would
>be a reportable transaction; but I am not certain of that.
>> thanks
>
>Uh - 'Reportable transactions' are transactions that must be reported.
>
>Are you perchance asking about 'Covered Transactions'? They are new
>this year and a source of confusion.
As I understand it, reportable transactions, meaning reportable to
the IRS by the broker, include most trades taxpayers make but not all.
Some trades not reportable by the broker to the IRS include options
trades, some OID amounts, and principal payments on REITs and CMOs.
But the taxpayer is still supposed to report these to the IRS.
Covred or noncovered, I believe, refers to the broker reporting basis
to the IRS, which has to be done for most equity stock acquired in
2011 or later.
Funds are not covered in 2011.
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
Confused
Apr 5, 2012, 2:56:20 PM4/5/12
to
On Wednesday, April 4, 2012 11:31:54 PM UTC-4, Pico Rico wrote:
> "Confused" <*@lippman.info> wrote in message
> news:4511855.326.1333510265212.JavaMail.geo-discussion-forums@vbai14...
> > Can you either explain or refer me to a website that explains reportable
> > transactions so that a human can understand it?
> >
> > I "think" it has something to do with investments that are set up purely
> > for tax reduction; presumably nothing you can buy at Etrade would be a
> > reportable transaction; but I am not certain of that.
> > thanks
> >
>
>
> IRS form 8886 and its instructions cover this.
>
> It does seem that they pertain to investments not likely to be made by mere
> mortals.
>
> --
Well, that is what I am referring to; but those instructions might just as well have been written in Swedish. I am 99.99% certain I don't have any, but would like to be 100% sure.
> "Confused" <*@lippman.info> wrote in message
> news:4511855.326.1333510265212.JavaMail.geo-discussion-forums@vbai14...
> > Can you either explain or refer me to a website that explains reportable
> > transactions so that a human can understand it?
> >
> > I "think" it has something to do with investments that are set up purely
> > for tax reduction; presumably nothing you can buy at Etrade would be a
> > reportable transaction; but I am not certain of that.
> > thanks
> >
>
>
> IRS form 8886 and its instructions cover this.
>
> It does seem that they pertain to investments not likely to be made by mere
> mortals.
>
> --
Pico Rico
Apr 5, 2012, 4:06:58 PM4/5/12
to
news:9798145.2575.1333650242500.JavaMail.geo-discussion-forums@vbbfj25...
> On Wednesday, April 4, 2012 11:31:54 PM UTC-4, Pico Rico wrote:
>> "Confused" <*@lippman.info> wrote in message
>> news:4511855.326.1333510265212.JavaMail.geo-discussion-forums@vbai14...
>> > Can you either explain or refer me to a website that explains
>> > reportable
>> > transactions so that a human can understand it?
>> >
>> > I "think" it has something to do with investments that are set up
>> > purely
>> > for tax reduction; presumably nothing you can buy at Etrade would be a
>> > reportable transaction; but I am not certain of that.
>> > thanks
>> >
>>
>>
>> IRS form 8886 and its instructions cover this.
>>
>> It does seem that they pertain to investments not likely to be made by
>> mere
>> mortals.
>>
>> --
> Well, that is what I am referring to; but those instructions might just as
> well have been written in Swedish. I am 99.99% certain I don't have any,
> but would like to be 100% sure.
with taxes, you can never be 100% sure.
>> "Confused" <*@lippman.info> wrote in message
>> news:4511855.326.1333510265212.JavaMail.geo-discussion-forums@vbai14...
>> > Can you either explain or refer me to a website that explains
>> > reportable
>> > transactions so that a human can understand it?
>> >
>> > I "think" it has something to do with investments that are set up
>> > purely
>> > for tax reduction; presumably nothing you can buy at Etrade would be a
>> > reportable transaction; but I am not certain of that.
>> > thanks
>> >
>>
>>
>> IRS form 8886 and its instructions cover this.
>>
>> It does seem that they pertain to investments not likely to be made by
>> mere
>> mortals.
>>
>> --
> Well, that is what I am referring to; but those instructions might just as
> well have been written in Swedish. I am 99.99% certain I don't have any,
> but would like to be 100% sure.
X
Apr 6, 2012, 1:14:03 PM4/6/12
to
"Arthur Kamlet" <kam...@panix.com> wrote in message
news:jlj6om$qls$1...@reader1.panix.com...
In article <jlj1v5$9ch$1...@dont-email.me>,
Don Priebe <don.an...@gmail.com> wrote:
On 4/4/2012 11:34 AM, Confused wrote:
Can you either explain or refer me to a website that explains
reportable transactions so that a human can understand it?
Don Priebe <don.an...@gmail.com> wrote:
On 4/4/2012 11:34 AM, Confused wrote:
Can you either explain or refer me to a website that explains
reportable transactions so that a human can understand it?
As I understand it, reportable transactions, meaning reportable to
the IRS by the broker, include most trades taxpayers make but not all.
Some trades not reportable by the broker to the IRS include options
trades, some OID amounts, and principal payments on REITs and CMOs.
~~~~~~~~~~~
the IRS by the broker, include most trades taxpayers make but not all.
Some trades not reportable by the broker to the IRS include options
trades, some OID amounts, and principal payments on REITs and CMOs.
Almost all brokerage sales must be reported on Form 1099-B, but a detailed
listing may not be submitted by the broker to the IRS.
I see a lot of brokerage statements and, although the broker provides the
client with the cost as well as the sales value, the broker often
does NOT report all of this on a transaction-by-transaction basis to the
IRS--and will include a statement to that effect somewhere in the "small
print."
These are "uncovered" transactions.
A "covered" transaction, however, is a transaction for which the broker MUST
report both cost and sales figures. In future years, more and more
transacitons will be considered "covered."
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