AmyC
Expert Alumni

Investors & landlords

Reach out to your employer or payroll company to see if you can get a copy. If you happened to mail your w2 to the IRS that year, you can pay them for a copy.

 

If you can't show a basis, the IRS values it as zero so you pay tax on the full amount.

 

I want to urge you to create a financial notebook that is kept separate from your tax return. Keep it safe and each year, add your year-end statements from all your financial accounts plus a copy of your W2’s, your  carryover information, and proof of your basis in your various investments. You must keep tax records  from the time you purchase until sold/ loss used plus 3 years. It is very easy to lose track of disallowed losses, carryforwards,  and basis.

This can be a digital or paper notebook.

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