@db_orange
Happens often to people. If your income requires you to file a tax return, then Yes you must report the stock sale or the IRS will send you a bill assuming no cost basis.
The 1099-B should show the sales transactions. If it was reinvested dividends, newer dividends though would have basis the broker should know. Did you contact the agent to request cost basis details to see what they know? What Fund is it? The IRS will assume 0 as cost basis and tax the whole thing as gains unless you can come up with a reasonable estimate of costs. Your purchase date, there is an option for various on the 2nd line pulldown.
Long Term NOT COVERED just means the shares are held over a year and the cost basis was not reported to the IRS.
Long Term Covered means shares were held over a year and the broker reported the cost basis to the IRS.
Then same for Short Term.
How many categories are showing?
How much money are we talking about? Is it worth the time to uncover cost basis? Depending on what the fund was, length of time, etc, there are many cost basis calculators out there.
The bottom line is that the IRS expects you to keep and maintain records that identify the cost basis of your securities. If you do not have adequate records, you may have to rely on the cost basis that your broker reports—or you may be required to treat the cost basis as zero.
Do your best, err on the side to pay the IRS.
Yes say it was a gift or say you purchased it, either way unless you inherited it upon his passing, then use the date of death and then you can find what the FMV was when he passed away.
**I don't work for TT. Just trying to help. All the best.
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**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
