Brokers, Advisors, Investors Face Harsh Reality of Cost-Basis Reporting

Since the beginning of the year, brokerage firms have been required to report investor gains and losses for new holdings directly to the IRS. That’s good news for individual investors—at least the ones that like to be up-front with Uncle Sam. Until now, the responsibility to accurately report that information—which requires often-complex cost-basis calculations—rested with the investors themselves.

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