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The official tax report issued by a broker or custodian on the sale of a non-covered security includes the proceeds of the sale and the holding period.
What distinguishes covered from non-covered securities?
The distinction between covered and non-covered shares for tax reporting purposes is as follows: We must report cost basis for covered shares to the IRS and to you. The cost basis information for non-covered shares is given exclusively to you.
What kind of securities are free from federal taxation?
Municipal bonds, which reflect the debts of a state, territory, or municipality, make up the majority of tax-exempt securities. Federal income taxes may not apply to some investors' interest on U.S. Savings Bonds.
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