Very good news. Tired of giving money to the tax prep vampires. But initial roll out is for simple tax situations (W-2 and deducting student loan interest).
Why can’t this program also apply to selling of stocks/options as well? This information is already furnished to the IRS
The fact that you sold it is already furnished to the IRS, yes. But not what your cost basis was, therefore not what you actually owe. You have to either calculate that yourself or have someone who knows what they’re doing do it for you.
Very good news. Tired of giving money to the tax prep vampires. But initial roll out is for simple tax situations (W-2 and deducting student loan interest).
Why can’t this program also apply to selling of stocks/options as well? This information is already furnished to the IRS
The fact that you sold it is already furnished to the IRS, yes. But not what your cost basis was, therefore not what you actually owe. You have to either calculate that yourself or have someone who knows what they’re doing do it for you.
Some fancy trades perhaps not, but I have yet to have a line item not have this on it: (basis reported to the IRS)
That’s generally true for very old stock. Anything that’s recent has a reported basis.