Media Relations 2012 Tax Resources
Published December 12, 2011
Top Tax Terms for 2012
Tax terms to know before tackling your 2011 federal tax return.
Cost Basis Reporting
All taxpayers who sell their stocks or bonds are required to calculate the gain or loss on the sale, and then report the information to the Internal Revenue Service on their personal income tax returns. In the past, taxpayers were required to track their own “adjusted basis” (which is used in determining the gain or loss on the sale), but a law recently went into effect placing the responsibility on brokers.
First Time Homebuyer Credit
Taxpayers who received the First-Time Homebuyer Credit in 2008, 2009 or 2010 should review repayment rules to see whether they apply before filing their 2011 taxes.