Tax Bird Posted April 12, 2011 Report Share Posted April 12, 2011 I have a client who had two stock redemptions in 2010. They received no cost basis information with their 1099 B despite the fact that a note on the back of the 1099B said the average cost basis information had been provided. When I called for the information, I was told that they would have to send out the account transcript (too large to fax) and I would have to figure that out. Plus, the soonest I could receive it is 3-5 business days. Has anyone ever heard of this? I haven't done that many stock redemptions but usually cost information is provided, if not automatically, then when requested. Can anyone provide any insight into why it might be that the fund manager wouldn't want to provide average cost information on a fund? Quote Link to comment Share on other sites More sharing options...
grmy2h Posted April 12, 2011 Report Share Posted April 12, 2011 Probably because they haven't been the fund manager the whole time... I have exactly the same thing going on and at this moment am trying to figure it out with an excel spreadsheet. I have paperwork from three different company's spanning back to 1993 when originally invested. Quote Link to comment Share on other sites More sharing options...
Kea Posted April 12, 2011 Report Share Posted April 12, 2011 I have one client who gets shares of company stocks as a bonus. She asked the broker for cost basis and was told that they DO NOT provide basis. Her company has used the same brokerage since they started doing this 3 years ago. This job is starting to teach me which brokerages provide good service and which don't. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted April 12, 2011 Report Share Posted April 12, 2011 It is a pain when people do not keep up with their basis. Hopefully you can get it from the employer, if it's not on the W-2s. If it was given to the client without being included in the W-2 then the basis is zero. Quote Link to comment Share on other sites More sharing options...
Tax Bird Posted April 12, 2011 Author Report Share Posted April 12, 2011 Thanks for the replies everyone! Glad to hear this isn't so unusual. Still annoying but at least I understand. Quote Link to comment Share on other sites More sharing options...
Catherine Posted April 12, 2011 Report Share Posted April 12, 2011 Had a client with inherited and gifted mutual funds. Fortunately, she is a long-standing client and came to me after she sold last fall, with all the printouts she could find/look up/scrounge. I figured the fund basis on all of them last fall and charged her a pretty penny for it, and was very glad this year to have that done and ready. Another client has a managed account and trying to get an electronic copy of the data from them is like getting the Fed to stop monetizing the debt. They keep saying it's not possible (?!?! - are they nuts or just incompetent) & offering me pdf's of the current account status (with realized AND unrealized gains), which is useless. Or faxes of the end-of year statement (122 pages, and I already have TWO copies thank you very much). Yes, I could send the whole kit and caboodle with a Form 8453; can you imagine the mess I'd have to straighten later, after the IRS tries to go through and match up 122 pages of mixed accounts by hand? Plus the state? Catherine Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted April 12, 2011 Report Share Posted April 12, 2011 Yeah, the problem really is that the clients think we are miracle workers, who just instinctively KNOW what their basis is, so why should we charge extra for calculating it for them? Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 12, 2011 Report Share Posted April 12, 2011 "Can't you look that up on your computer?" Quote Link to comment Share on other sites More sharing options...
Catherine Posted April 12, 2011 Report Share Posted April 12, 2011 "Can't you look that up on your computer?" Actually, it's on the ceiling next to the charitable contributions number that people find. Quote Link to comment Share on other sites More sharing options...
Bart Posted April 12, 2011 Report Share Posted April 12, 2011 & offering me pdf's of the current account status (with realized AND unrealized gains), which is useless. Catherine I just got a PDF of a clients' statement from one of those stupid/incompetent brokerage firms. I found out there are a whole bunch of programs (some free) that will convert it to an excel spreadsheet and the one I downloaded and used worked well and was pretty easy to use. Quote Link to comment Share on other sites More sharing options...
Catherine Posted April 12, 2011 Report Share Posted April 12, 2011 Free?!?! I like free! I have access to a program that will do the conversion, but it costs money -- and we're talking several _hundred_ trades. This program has also given me some errors this year and I'm a little reluctant to use it on this client's accounts this year. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted April 13, 2011 Report Share Posted April 13, 2011 Bart, why not mention the program you use and like? And tell us if it is one of the free ones, or how much it costs. I always value the opinion of a professional who has used a program over all the advertising in the world. Quote Link to comment Share on other sites More sharing options...
joanmcq Posted April 13, 2011 Report Share Posted April 13, 2011 Yes, please! Even if I had to scan to verify correctness, it's faster than typing all those trades that don't come in as excel files.... Quote Link to comment Share on other sites More sharing options...
Bart Posted April 13, 2011 Report Share Posted April 13, 2011 Sorry guys. I would have told what program before but I cannot recommend it because I have no idea if this program is good but it worked for me once. It has a 14 day free trial and then it costs $100. It is called pdfconverter and if I figured out how to upload a file here is the install program. I found it at http://www.pdfconverter.com/ Ok never mind I cant attach a file damn it. Quote Link to comment Share on other sites More sharing options...
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