no cost basis on 1099-B

[vcecho]

One of the mutual fund companies that I have been with for a long time closed one of the funds.  On the 1099-b, they reported cost basis for the short term funds and some of the long term holdings.  But for the lion share of

the long term holdings they reported nothing and said that should be reconstructed from my records.

At least on my end these records do not exist.  I have had this fund for probably 40 years and when you are that young, reporting cost basis in 40 years is not on your radar.    I am guessing that the fund company does not have that data either or else they would have reported it. 

Any ideas on how to handle this in Turbotax?  I could pro-rate the long term info that they gave me to the part

I don't have but that is just a guess.

[ColeenD3]

Please see this answer from JohnB5677

The cost basis is the amount that you paid for the investment.  If you leave it blank you will be taxed on 100% of the proceeds.

You will have to determine the basis yourself.  If you have records you should use those.  If not, this tool may help.

You may be able to use Historical Stock Quote Prices - MarketWatch to determine the original value.

To post a correction, leave whatever is in the original entry as it is.  If it is blank, leave it blank. (This will match the 1099-B posting)

1. Scroll to the bottom of your 1099-B entry screen
2. Check the box for The cost basis is incorrect or missing on my 1099-B 
3. On the new screen None of these apply.
4. I know my cost basis and need to make an adjustment.
5. Enter your actual Cost Basis

[Hal_Al]

You have to report the sale on your tax return. Lacking any cost basis, the IRS will consider the entire sale amount as taxable. So, you need to make your best effort to determine the original cost basis, even if (worst case) it's a guess. Historical prices of publicly traded stocks and some mutual funds are  readily available on the internet and should, at least, satisfy the IRS that your basis wasn't zero; just "google" “Historical Stock Prices". I use http://bigcharts.marketwatch.com/historical/. 

I’ve heard there is a place called Netbasis.com , that will provide your cost basis for a fee, but I cannot vouch for them.

[vcecho]

Thanks for your help.  I tried using some of those historical data sites but kept coming up empty.  It turns out a call to the fund company was helpful.  They told me their data (presumably computer data) only goes back to the beginning of 2012.   But I can get transcripts of their data back to the point where I initially got into the fund.

It seems  to me that I just have to go through the data and add up the dollar amount of my re-invested money (plus the initial investment) and that total would be the "missing" cost basis.  I have never sold any shares which, I think, eliminates one complication.  The 2012 would seem to be the break point between where they provided no basis and there they did provide the basis.  Is there any point I am missing?