Post by sandi66 on Oct 15, 2010 17:29:23 GMT -5
ENHANCEMENTS TO COST BASIS REPORTING -- COMING SOON
October 15, 2010
On January 1, 2011, E*TRADE will enhance its existing tracking of gains and losses on securities bought and sold in your account and begin reporting such information on official IRS tax documents. This new "cost basis reporting" has arisen out of legislation passed by Congress in 2008, and is now required by brokerage firms.
The following information will be reported to the IRS starting in the 2011 tax year, potentially saving you considerable time and effort as you prepare your taxes:
Gross proceeds from sales
Cost basis on securities sold, adjusted for wash sales and corporate actions
Total gain or loss for each security
Whether the gain or loss is long-term or short-term
Reporting changes will be introduced on a phased-in schedule (by security type), and will apply only to securities acquired on or after the dates outlined in the table below. This schedule has been established by federal law.
On This Date: E*TRADE Will Begin Cost Basis Reporting For:
January 1, 2011 Stocks, including: Domestic and foreign stocks
Real Estate Investment Trusts (REITs)
American Depository Receipts (ADRs)
Exchange-Traded Funds (ETFs) that are not in a Regulated Investment Company (RIC) or connected with a Dividend Reinvestment Plan (DRP)
January 1, 2012 Stocks in Regulated Investment Companies (RICs)—for example, mutual funds and stocks acquired in connection with a Dividend Reinvestment Plan (DRP).
January 1, 2013 All other securities, including: Options
Fixed income instruments
Derivatives
Debt instruments
To implement these enhancements, we will begin making changes over the next few months to website screens, statements, 1099-B forms, and various policies and procedures. We will continue to notify you about these changes on an ongoing basis as we introduce them.
If you have questions or need assistance, call 1-800-ETRADE-1 (1-800-387-2331) anytime 24/7. You can also log on to your account and send us a Secure Message through the Online Service Center.
As always, we appreciate your business and the opportunity to serve you.
Sincerely,
E*TRADE Securities LLC
PLEASE READ THE IMPORTANT DISCLOSURES BELOW
The E*TRADE Financial family of companies provides financial services that include trading, investing, and related banking products and services to retail investors.
Securities products and services are offered by E*TRADE Securities LLC, Member FINRA/SIPC.
System response and account access times may vary due to a variety of factors, including trading volumes, market conditions, system performance, and other factors.
October 15, 2010
On January 1, 2011, E*TRADE will enhance its existing tracking of gains and losses on securities bought and sold in your account and begin reporting such information on official IRS tax documents. This new "cost basis reporting" has arisen out of legislation passed by Congress in 2008, and is now required by brokerage firms.
The following information will be reported to the IRS starting in the 2011 tax year, potentially saving you considerable time and effort as you prepare your taxes:
Gross proceeds from sales
Cost basis on securities sold, adjusted for wash sales and corporate actions
Total gain or loss for each security
Whether the gain or loss is long-term or short-term
Reporting changes will be introduced on a phased-in schedule (by security type), and will apply only to securities acquired on or after the dates outlined in the table below. This schedule has been established by federal law.
On This Date: E*TRADE Will Begin Cost Basis Reporting For:
January 1, 2011 Stocks, including: Domestic and foreign stocks
Real Estate Investment Trusts (REITs)
American Depository Receipts (ADRs)
Exchange-Traded Funds (ETFs) that are not in a Regulated Investment Company (RIC) or connected with a Dividend Reinvestment Plan (DRP)
January 1, 2012 Stocks in Regulated Investment Companies (RICs)—for example, mutual funds and stocks acquired in connection with a Dividend Reinvestment Plan (DRP).
January 1, 2013 All other securities, including: Options
Fixed income instruments
Derivatives
Debt instruments
To implement these enhancements, we will begin making changes over the next few months to website screens, statements, 1099-B forms, and various policies and procedures. We will continue to notify you about these changes on an ongoing basis as we introduce them.
If you have questions or need assistance, call 1-800-ETRADE-1 (1-800-387-2331) anytime 24/7. You can also log on to your account and send us a Secure Message through the Online Service Center.
As always, we appreciate your business and the opportunity to serve you.
Sincerely,
E*TRADE Securities LLC
PLEASE READ THE IMPORTANT DISCLOSURES BELOW
The E*TRADE Financial family of companies provides financial services that include trading, investing, and related banking products and services to retail investors.
Securities products and services are offered by E*TRADE Securities LLC, Member FINRA/SIPC.
System response and account access times may vary due to a variety of factors, including trading volumes, market conditions, system performance, and other factors.