Eli Posted March 23, 2012 Report Share Posted March 23, 2012 Client received a 1099-B after filing his return. The 1099-B shows the amount of sale reported to the IRS, but does not show the cost basis of the stock sold. It also does not show the date of acquisition, which I'm pretty sure would be various dates. What would be the best route to find the cost basis for it? Quote Link to comment Share on other sites More sharing options...
Pacun Posted March 23, 2012 Report Share Posted March 23, 2012 The best route will be to ask the taxpayer how he put his hands on the item he sold. If taxpayer answers that question, then you can ask if he fork over some dinero. Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted March 23, 2012 Report Share Posted March 23, 2012 Hey Eli, You are going to have to get this info from the taxpayer. Hopefully he has a clue. Otherwise it is the client who is going to get the tax bill for the gain when IRS does the matching later in the year. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
Eli Posted March 23, 2012 Author Report Share Posted March 23, 2012 Thanks, guys! I was afraid of that. I talked to him earlier & he says he has no clue how much he paid for the stocks. He says the company would take a % specified by him from his pay to buy the stocks twice a year. He left the company about 2 years ago & kept no records. Well I guess I'll have to break some bad news to him. Thanks again! Eli Quote Link to comment Share on other sites More sharing options...
Kea Posted March 23, 2012 Report Share Posted March 23, 2012 I suppose it's too much to ask if he has his year-end check stubs with the YTD info. This won't have the price per share, but would indicate the total price he paid for shares. And it won't take into account reinvested shares. His former company might be able to help. No guarantees but it wouldn't hurt to ask. Quote Link to comment Share on other sites More sharing options...
Eli Posted March 23, 2012 Author Report Share Posted March 23, 2012 Thanks, Kea! I'm trying to get anything he might have. He's looking now that I scared him with the amount :-) Quote Link to comment Share on other sites More sharing options...
Kea Posted March 23, 2012 Report Share Posted March 23, 2012 That is frequently the best way to get them to find basis info. Good luck! Quote Link to comment Share on other sites More sharing options...
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