COST OR OTHER BASIS MISSING ON FORM 1099-B

Forum|Forum|7 years ago
June 5, 2019
7 replies
6 views

NEED HELP FIGURING OUT WHAT TO DO IF NO INFO IS PROVIDED

TurboTax Premier Online

Best answer by

The mutual fund itself should be sending you statements showing the shares you owned and any cost basis they have for you. If they don't have anything for you, you'll have to do the best you can to estimate a cost or else enter zero and pay tax on the full amount of proceeds from the sale.

To estimate the cost can be pretty difficult, especially if it had dividends reinvested over the years.

You would have to determine when you think the original purchase was made and see if you can find a price for the fund around that time by searching for historical prices online. If you have shares that came form dividend reinvestment, you could cost those shares at the average price of the fund during the years the shares were held.

If this is a small amount of money, it may not be worth your time to do anything but use a zero.

If your mother could help you , that would be convenient but not always possible. Maybe, though, your mother kept some papers showing when she bought the fund.

Anonymous

what is the asset sold? stock? and how did you acquire it?

jhuizar15Author

Level 2

it was a mutual fund that my mom set up for me a long time ago. and i sold it all and closed it. i called the bank and they don't have record for the cost or other basis on this specific sell

jhuizar15Author

Level 2

everything else has the required information, just this one sell does not

jhuizar15Author

Level 2

it is a mrs massachusetts in vectors growth stock fund class a

jhuizar15Author

Level 2

mfs*

they don't have the information for when it was acquired or the "cost or other basis" it was all the other information but that

jhuizar15Author

Level 2

has* all

Anonymous

Answer

To estimate the cost can be pretty difficult, especially if it had dividends reinvested over the years.

If this is a small amount of money, it may not be worth your time to do anything but use a zero.

If your mother could help you , that would be convenient but not always possible. Maybe, though, your mother kept some papers showing when she bought the fund.