RobertB4444
Expert Alumni

Retirement tax questions

@canyonboy22  On your 1099B when it says basis is not reported to the IRS it usually still has a cost basis there.  It is just information that has not been required to be submitted to the IRS so it has not been.  If the cost basis on the transactions is shown as blank or zero then you will have to go back and check your records to see what you actually paid for the securities in question.

 

In some cases the 1099-B will say "Cost Basis is not known".  This is usually the result of changing brokers and bringing the stocks with you from one broker to the other, or because the information is so old that the broker no longer has it.  Either way you are expected to provide the information on how much you originally paid.

 

Increases in the fund price when it is sold will trigger higher gains, however increases in the fund price only trigger sales if the broker deems that they should.

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