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NFT: tax question

jnoble : 2/20/2018 6:37 pm
I sold some stock this year that I've owned for over 24 years but have no idea what the original purchase date was or what the value was at the time or the amount of shares. I just got the 1099 form from my account with the distribution amounts on it. Do I need to worry about the old data that I have no access to to complete my taxes correctly? Or do I just pay capital gains tax on the number on my 1099?
Thanks
Im not an accountant  
steve in ky : 2/20/2018 6:44 pm : link
But if you are willing to pay tax on 100% of the sale then I don't see how you could be at any risk with the IRS since you are paying more tax than you likely should really be liable for and couldn't owe more than the tax on 100%.

Would be nice though if you could find some record of the purchase price in order to not over pay.
You won't get in trouble paying tax on the entire proceeds,  
Mad Mike : 2/20/2018 6:45 pm : link
but you're probably overpaying doing it that way. It's probably worth some effort to try and find the cost basis, and at the very least getting in touch with the brokerage firm to see if they can help. Not sure what else you can do if they can't give you your cost basis information though. If you have a rough idea of when the shares were purchased, you could guesstimate the cost, checking for any splits or stock dividends along the way and ballpark it, but obviously you're at risk doing that if you're audited.
Did you hold it with same brokerage the whole time?  
Jim in Fairfax : 2/20/2018 8:04 pm : link
I would expect a decent brokerage would know your basis and would just be reporting your gain.
RE: Did you hold it with same brokerage the whole time?  
jnoble : 2/20/2018 8:12 pm : link
In comment 13837567 Jim in Fairfax said:
Quote:
I would expect a decent brokerage would know your basis and would just be reporting your gain.

Yes, TD Ameritrade
Make up a basis  
Carl in CT : 2/20/2018 8:14 pm : link
That you think you bought it for. Don’t be a pig. You can search what the stock was trading for 20 years ago or so.
OK  
mdthedream : 2/21/2018 10:36 am : link
just call the broker and they will tell you what it cost and what its gain was or loss.
I work at TDA....  
Keith : 2/21/2018 10:40 am : link
If you transferred the stock here or moved it from a transfer agent or bought it anywhere else, we wouldn't necessarily have the cost basis. You can give a good estimate by trying to remember when it was purchased and checking the historical data and doing a little math. Talk to your CPA.
He mentioned  
mdthedream : 2/21/2018 10:50 am : link
he held it at TD bank the entire time
RE: OK  
njm : 2/21/2018 10:55 am : link
In comment 13837905 mdthedream said:
Quote:
just call the broker and they will tell you what it cost and what its gain was or loss.


Plan A
RE: I work at TDA....  
njm : 2/21/2018 10:55 am : link
In comment 13837912 Keith said:
Quote:
If you transferred the stock here or moved it from a transfer agent or bought it anywhere else, we wouldn't necessarily have the cost basis. You can give a good estimate by trying to remember when it was purchased and checking the historical data and doing a little math. Talk to your CPA.


Plan B

RE: He mentioned  
Keith : 2/21/2018 11:07 am : link
In comment 13837928 mdthedream said:
Quote:
he held it at TD bank the entire time


TD Bank and TD Ameritrade are two different companies. Sorry, just something I have to tell people on a daily basis, haha.

noble, the stock was purchased at TDA 24 years ago or it was purchased somewhere else and then brought to TDA? Or was it bought somewhere else and then TDA merged with that broker?

I bought them  
jnoble : 2/21/2018 11:35 am : link
Circa 1995 via TD Ameritrade and held them ever since although the number and value of the shares in the 5 or 6 companies has gone way up since then. I skimmed off some stock this year for some cash when worked slowed down
If noble gets audited  
mrvax : 2/21/2018 11:40 am : link
how the heck would the IRS know when and how much the original cost was? I'd think they'd need evidence to the contrary of what noble claims.
RE: If noble gets audited  
Keith : 2/21/2018 11:42 am : link
In comment 13837978 mrvax said:
Quote:
how the heck would the IRS know when and how much the original cost was? I'd think they'd need evidence to the contrary of what noble claims.


They wouldn't. His CPA will probably come up with a good "estimate" based on time frame and price at that time. That being said, I'd def recommend calling your senior consultant or calling the service line at 800-669-3900.
RE: If noble gets audited  
Jim in Fairfax : 2/21/2018 12:01 pm : link
In comment 13837978 mrvax said:
Quote:
how the heck would the IRS know when and how much the original cost was? I'd think they'd need evidence to the contrary of what noble claims.

Yeah, it don’t work that way. The burden of proof is on the taxpayer, not the IRS.
RE: I bought them  
MetsAreBack : 2/21/2018 5:31 pm : link
In comment 13837967 jnoble said:
Quote:
Circa 1995 via TD Ameritrade and held them ever since although the number and value of the shares in the 5 or 6 companies has gone way up since then. I skimmed off some stock this year for some cash when worked slowed down


There was no TD ameritrade in 1995. It was just Ameritrade and only started started offering online trading that year. Not even sure it was branded that name back then. So are you sure you had an account with a little known Omaha Nebraska brokerage way back then or did you have it with one of the many firms it acquired over the next decade?

I would guess if there wasn't a data base issue here ameritrade would have had the cost basis already on your statement. Best of luck.
RE: RE: I bought them  
jnoble : 2/21/2018 6:05 pm : link
In comment 13838508 MetsAreBack said:
Quote:
In comment 13837967 jnoble said:


Quote:


Circa 1995 via TD Ameritrade and held them ever since although the number and value of the shares in the 5 or 6 companies has gone way up since then. I skimmed off some stock this year for some cash when worked slowed down



There was no TD ameritrade in 1995. It was just Ameritrade and only started started offering online trading that year. Not even sure it was branded that name back then. So are you sure you had an account with a little known Omaha Nebraska brokerage way back then or did you have it with one of the many firms it acquired over the next decade?

I would guess if there wasn't a data base issue here ameritrade would have had the cost basis already on your statement. Best of luck.


yes, you're right, it was just Ameritrade back then
RE: RE: If noble gets audited  
mrvax : 2/21/2018 7:11 pm : link
In comment 13838018 Jim in Fairfax said:
Quote:
In comment 13837978 mrvax said:


Quote:


how the heck would the IRS know when and how much the original cost was? I'd think they'd need evidence to the contrary of what noble claims.


Yeah, it don’t work that way. The burden of proof is on the taxpayer, not the IRS.


I figured as much. That sucks.
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