IRS Issues Guidance on Tough New Reporting Requirements for Stock Sales in 2010
The IRS will soon be looking over the shoulders of tax return preparers and their clients when they report stock sales on Schedule D, Form 1040. For stock acquired and sold after 2010, the IRS will receive information returns from security brokers reporting the adjusted basis of the stock sold and whether the capital gain or loss on the sale is short-term or long-term. Here are details and a client letter you can adapt as needed.
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