TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 1

Solved

1099-B Purchase Cost unknown

1 reply
34 views

I have a 1099-B from some stock I sold this year. These shares were a gift from my grandfather probably 30 years ago. I have no idea what he purchased this for or exactly when. Any ideas of what to do?

Thanks

TurboTax Premier Online

MargaretLAnswer

Alumni - Intuit

You must somehow find the basis, or you will have to enter it as "zero" and pay capital gain on the sale. (in fact, if that doesn't impact your refund, just enter zero anyway.) Otherwise, are you able to ask your grandfather or locate some of his documents? If not, you'll need to look up the price for the date of the donor's purchase. I am enclosing a link which may help you:

http://bigcharts.marketwatch.com/historical/default.asp?symb=apple&closeDate=12%2F27%2F07&x=43&y=15

It's generally acceptable to take the lowest and highest price from a given day and average them to arrive at a cost.

If still not successful, you may want to contact a local stock broker and ask for help, they may have a more detailed data base of historical quotes from so long ago.

NOTES: To determine the basis of a gifted property, you must find out the cost paid for the shares gifted to you and their fair market value at the time the stocks were gifted.

The cost basis is the same as the giver's basis – unless the stock's market value on the gift date was lower than the giver's basis. In this case, if sold at a gain, use the giver's basis and if sold at a loss, use the stock's market value at time of the gift.

MargaretLAnswer

Alumni - Intuit

You must somehow find the basis, or you will have to enter it as "zero" and pay capital gain on the sale. (in fact, if that doesn't impact your refund, just enter zero anyway.) Otherwise, are you able to ask your grandfather or locate some of his documents? If not, you'll need to look up the price for the date of the donor's purchase. I am enclosing a link which may help you:

http://bigcharts.marketwatch.com/historical/default.asp?symb=apple&closeDate=12%2F27%2F07&x=43&y=15

It's generally acceptable to take the lowest and highest price from a given day and average them to arrive at a cost.

If still not successful, you may want to contact a local stock broker and ask for help, they may have a more detailed data base of historical quotes from so long ago.

NOTES: To determine the basis of a gifted property, you must find out the cost paid for the shares gifted to you and their fair market value at the time the stocks were gifted.

The cost basis is the same as the giver's basis – unless the stock's market value on the gift date was lower than the giver's basis. In this case, if sold at a gain, use the giver's basis and if sold at a loss, use the stock's market value at time of the gift.