I closed out a mutual fund, with purchases as old as 1991, and two sales in the early 2000s (which caused revisions to my cost basis). If I only enter old Purchases into TurboTax (without the sales) my cost basis wil be inaccurate. How can I record both?

[Anonymous]

try contacting the fund.  if no help.  you could always research the historical prices and use some logical method to come up with cost or you could just guess.     

[fanfare]

One never enters purchases into TurboTax.

Only sales transactions are reported to the IRS.

See IRS Pubt 550 Chapter 4 for how to track your basis in security purchased way back in time.

[fanfare]

are you saying you sold in the year 2000 but didn't report it ?

[DH21]

Thank you for the question. I reported it in both years when I sold shares and paid tax on the basis as I calculated it at that time.

[DH21]

I will check this out; thank you!

[DH21]

Also, as an FYI, in the 1099-B section of Turbo Tax... after entering the sales information for a Mutual Fund you can eventually get to a screen where you are prompted to enter details for all purchass. In my case, the fund company was able to provide a 1099-B cost basis for about one-third of the total sales amount. For the other two-thirds they provide the net proceeds, but indicate it's up to the taxpayer to calculate the cost basis (because their recordkeeping does not go back in time that far). I can pay tax on the full amount, but I have reported income and paid taxes on annual distributions since 1991, so I am trying to come up with an accurate cost basis and only pay taxes on the fraction of these proceeds that I have not already reported and paid. But I will refer to IRS 550 and see if that provides the info I need. Thanks again!