Turbo Tax uses the government's position on the "cost basis" of stocks sold after demutualization. What can we do to protect ourselves if the IRS finally loses in court?

The IRS seems wrong when I paid into that policy for 60 years and then to have the cost basis as 0. That just doesn't make any sense. Is there a mechanism to appeal this?

posted

Actually, TurboTax is agnostic about the correct basis to report here. Maybe the broker put $0 in there, but TurboTax doesn't change that on its own.

These guys

http://costbasis.com/stocks/demutualizationshares.html

have a suggestion.

Tom Young

If I know I filed taxes but the issue is that I owe the government money and I've recently moved; what should I do? I tried calling directly already with little results.

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Turbo Tax uses the government's position on the "cost basis" of stocks sold after demutualization. What can we do to protect ourselves if the IRS finally loses in court?

Turbo Tax uses the government's position on the "cost basis" of stocks sold after demutualization. What can we do to protect ourselves if the IRS finally loses in court?

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Turbo Tax uses the government's position on the "cost basis" of stocks sold after demutualization. What can we do to protect ourselves if the IRS finally loses in court?

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Turbo Tax uses the government's position on the "cost basis" of stocks sold after demutualization. What can we do to protect ourselves if the IRS finally loses in court?

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