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Tax reporting of Vanguard ETFs
Old 03-11-2012, 04:09 PM   #1
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Tax reporting of Vanguard ETFs

I've been invested in Vanguard mutual funds for a while, but I'm considering going over to ETFs. This may be a stupid question, but I want to double check.
Does Vanguard provide the same Cost Basis Tax summary for the ETFs that it does for the mutual funds? so that at tax time all the dividends and capital gains are there for you to simply enter on the 1040 and various Schedules.
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Old 03-11-2012, 04:21 PM   #2
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Quote:
Originally Posted by nun View Post
I've been invested in Vanguard mutual funds for a while, but I'm considering going over to ETFs. This may be a stupid question, but I want to double check.
Does Vanguard provide the same Cost Basis Tax summary for the ETFs that it does for the mutual funds? so that at tax time all the dividends and capital gains are there for you to simply enter on the 1040 and various Schedules.
No stupid questions. If you buy the ETF new it will track the cost as it does an individual stock, give you the same 1099s you get elsewhere, and download into turbotax. But, being Vanguard, it will be a separate statement from Vanguard brokerage.

To date if you convert a current mutual fund holding to an ETF the cost basis information is lost, but I don't know if that will change this year.
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Old 03-11-2012, 08:14 PM   #3
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No worries anymore since all brokers have to track cost basis and report it to the IRS when you sell.

I just did my taxes today and downloaded into TT from Vanguard, TDAmeritrade and Wells Fargo. Old shares (not covered or nc in IRS-speak) do not have their cost basis reported by Vanguard, but Wells Fargo has always reported the correct cost basis. Newly acquired shares will be "covered" and the cost basis will be reported by all brokers.
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