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Get your taxes done using TurboTax
Do you know how your broker obtained a cost basis for your Warner Brothers shares? When stock is gifted to you, your cost basis is the same as the person that gave it to you. My wife had some AT&T stock that was given to her as a child by one of her grandparents. There had been so many spin offs and mergers that I determined I could never determine the cost basis. So I donated the stock, since you don't need to know the cost basis to take a deduction for the full current value. I bought new shares and my wife never knew.
I suggest you answer that you purchased the stock, use a cost basis of zero and use "various" as the acquisition date.
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‎February 22, 2024
7:12 PM