New cost basis reporting rules now apply, for the first time ever, to Form 1099-B sent to investors and the IRS. But other onerous reporting rules for businesses and landlords scheduled to take effect in 2012 have been repealed.
Are you confused? You're not alone. Here's a brief recap on what is and isn't taking place this year.
Reporting for investments: Previously, financial institutions were required to report on Form 1099-B certain information relating to the sale of investments, such as the date of the sale and the amount of the sale proceeds. It was the investor's responsibility, however, to provide the acquisition date and the purchase price on Schedule D, although many brokers often provided additional information when it was available.
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Source: Ken Berry http://www.accountingweb.com
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