It may have been part of an ESOP or PAYSOP and the company doesn't seem to have records. My 1099-B shows no information for Date Acquired, and the cost is listed as 0.00. Do I need the date acquired to file my taxes? If so, can I guess? What about the cost information? Will the IRS (and TurboTax accept a cost of 0?
The amount is small (I only sold 15 shares as a test), but I'm retired and plan to live off the sale of the rest for the next few years so I need to get this resolved this year.
Yes, the IRS and TurboTax will accept a stock cost basis of $0 but it would be better to list a dollar amount so you're not paying taxes on 100% of your stock sale.
Yes, the IRS will accept an estimate. Just document how you came up with the estimate share price and purchase date. . Since you had the stock since the 80's, your stock is long term and subject to capital gains taxation.
Please see the FAQ's below to help you come up with a "best guess estimate" of your cost basis and date acquired.
Yes, the IRS and TurboTax will accept a stock cost basis of $0 but it would be better to list a dollar amount so you're not paying taxes on 100% of your stock sale.
Yes, the IRS will accept an estimate. Just document how you came up with the estimate share price and purchase date. . Since you had the stock since the 80's, your stock is long term and subject to capital gains taxation.
Please see the FAQ's below to help you come up with a "best guess estimate" of your cost basis and date acquired.