IRS updates forms for cost-basis reporting

02/23/2012 | Nerd's Eye View blog

The Internal Revenue Service updated the Schedule D form and issued a new Form 8949 to help taxpayers track the cost basis for most of their investments and simplify tax-return preparation. But financial adviser Michael Kitces warns that these changes can make it difficult for advisers when calculating the cost basis for a client if they are not aware of the new tax rules. "[I]t's important to get it right, because the whole point of this new process is that now, the IRS can check your math," Kitces writes.

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