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K
Khomein
Level 2
February 19, 2025
Question

I HAVE SOLD SOME STOCKS THAT I HAVE NO INFO ABOUT COST BASIS. CAN I REPORT COST BASIS ZERO?

  • February 19, 2025
  • 1 reply
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1 reply

M
MinhT1
Level 15
February 19, 2025

You would have to find, estimate or guess your cost basis by searching past values for these stocks.

 

You can of course report a 0 cost basis, but then you would be inflating your capital gains and pay more capital gain taxes.

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K
KhomeinAuthor
Level 2
February 19, 2025

ONE OF THE STOCKS HAS BEEN CREATED ON 2024 FROM THE MERGE OF 4 OTHER COMPANIES ON APRIL 2024, I FOUND HISTORICAL DATA FROM YAHOO FINANCE. CAN I USE THIS PRICE AS THE BASIS? 

K
KhomeinAuthor
Level 2
February 19, 2025

IF THE COST BASIS I REPORT IS HIGHER THAN IRS CALCULATIONS, WHAT WOULD BE THE CONSEQUENSES?

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