☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jul 13, 2021 8:58:50 PM

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

0 2 518
2 Replies
Level 15
Jul 14, 2021 2:04:00 AM

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.  

 

Level 15
Jul 16, 2021 5:15:58 AM

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.