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mrkaneestate
New Member

I need to determine cost basis for stock. I have no idea when the stock was purchased.

My cousin's idiot husband found some unclaimed assets belonging to my grandma in the State of New York. I went through the process of becoming a successor administrator to my grandma's estate (she died in 1984 and her estate closed in 1985.) They sent me the proceeds of a sale completed in 2004 and a 1099-B for a grand total of $2170.00. I don't even know exactly what the security was, much less the cost basis. Is this really necessary?

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Accepted Solutions
Rick19744
Level 12

I need to determine cost basis for stock. I have no idea when the stock was purchased.

Yes.  If you do not report it you will get a notice from the IRS as they have also been sent this form.

If you have no idea what the basis is, then the IRS will take the position that it is zero.

*A reminder that posts in a forum such as this do not constitute tax advice.*

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1 Reply
Rick19744
Level 12

I need to determine cost basis for stock. I have no idea when the stock was purchased.

Yes.  If you do not report it you will get a notice from the IRS as they have also been sent this form.

If you have no idea what the basis is, then the IRS will take the position that it is zero.

*A reminder that posts in a forum such as this do not constitute tax advice.*
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