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sburke84
New Member

Can I get help analyzing a cost basis report I received from my stock broker that I believe to be inaccurate?

- Sent brokerage specific tax lot selections for trades made during Q1'21, within the required T 2 timeframe
- Received cost basis reporting, which appears to be inaccurate in a number of instances, and likely increases my exposure to ST capital gains taxes
- Need a full analysis comparing my tax lot selections (made via email and confirmed by the brokerage) to the cost basis report I received, and determining all inaccuracies
2 Replies
Mike9241
Level 15

Can I get help analyzing a cost basis report I received from my stock broker that I believe to be inaccurate?

call the brokerage about the report you got. since you are talking about 2021. this may not be the report they will issue for tax purposes after the year-end. if it is, Turbotax has nothing to help you.  Why can't you do the checking yourself? otherwise, you would need to hire a professional - probably a CPA firm that would understand the tax laws involved rather than a bookkeeping firm. you may want to inquire about what the fees might be.  

 

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fanfare
Level 15

Can I get help analyzing a cost basis report I received from my stock broker that I believe to be inaccurate?

if broker is not honoring your lot assignment requests :

 

a) you're not doing it correctly or timely. or

b) you need a new broker, or

c) stick with First In, First Out.

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