I have read posts about how to determine basis when there are no records that support the basis on stocks or mutual funds. However, I do taxes for someone who has some stock that there is no basis reported by the brokerage company. They have no idea of when they bought it. Maybe 10 years ago, maybe 15, maybe 20. My question is, how stringent would the IRS be in this case, if we said it was purchased 10 years ago without any supporting documentation.
