1099-B Purchase Cost unknown

bwwestbrook1 — Tue, 04 Jun 2019 01:10:07 GMT

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

You must somehow find the basis, or you will have to ente...

MargaretL — Tue, 04 Jun 2019 01:10:09 GMT

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.

topic 1099-B Purchase Cost unknown in Retirement tax questions

1099-B Purchase Cost unknown

You must somehow find the basis, or you will have to ente...