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Re:13 States join the IRS direct-file test after tax prep fi... by ghaff on Thursday October 19, 2023 @12:59PM (#37945412)
I forget when the cost basis reporting requirements got firmed up but there were some point where I had options from a former employer that had gone through a couple rounds of acquisitions and when I eventually sold the shares I ended up throwing my hands up a plugged in some average cost basis that was somewhere in the ballpark and called it a day. It's all pretty automatic these days but it used to often be a real mess to try to do accurately.
Re:13 States join the IRS direct-file test after tax prep fi... by dmoy on Thursday October 19, 2023 @03:09PM (#37947256)
Yea cost basis reporting from the broker to you is better now.

Cost basis reporting from the broker to the IRS is still blank for non-covered shares though, which leads to the other common case of "forgot a page of 1099, IRS thinks it's $0 cost basis, sends bill for $10k++, but actually you owe ~$0 if you send in the correct info".