Cost basis of non-covered securities

Discussion in 'Interactive Brokers' started by ScroogeMcDuck, Apr 7, 2021 at 11:31 AM.

  1. IB has all the info they need to automatically calculate my cost basis for noncovered securities, same as for covered securities. Why not go ahead and calculate it and include that on my 1099? I don't want to have to manually calculate all my cost bases for all my SPAC warrant trades.
     
  2. BMK

    BMK

    'Cause the IRS says they don't have to. And their lawyers and compliance experts tell them they shouldn't do anything that's not required. And they don't want to handle calls, e-mails and other inquiries from people who think the basis is wrong, or have other questions about it. It's easier, and less expensive, to simply do nothing. Not their problem. Welcome to world of large multinational corporations, where they simply don't give a s**t about retail customers or their own employees.
     
    qlai likes this.