Taxes (TAX)

[cintrix]

Basis of stock purchased before 2011 isn't required to be included.

Then what is the point? Why do they need to put this on a 1099? If the basis that a good portion of taxpayers will show will not be the actual basis reported on their returns, I can't see their reasoning. Is there going to be a new line on the actual tax return for the current year basis? I mean we could buy something on the 31st, sell it two weeks later - it would still be a short term transaction, but the basis would not be reported in the next year the way they are doing this. I am just not understanding their reasoning.