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Get your taxes done using TurboTax
You said a gift from your parents. This means the amount they paid could be your basis. See here for more on gift basis.
The IRS will give you a zero for basis if you are unable to prove another one. Brokerages are not responsible. There should be a financial folder containing transactions like this. Create one now and add the notes for how you determined this basis along with any other investments you have.
Since only you know the full story, check these out:
- Publication 550, Investment Income and Expenses - page 59 has basis of investment property
- Publication 551 (12/2022), Basis of Assets - IRS
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‎April 10, 2025
9:34 AM
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