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Jsg1550
Level 2

Capital Gains

Retired 74 year old started American Funds act in 2003. Last December I sold $10K. American Funds states I cannot use Average Cost because money was tax-deferred. So what do I use as a Cost Basis? How do I determine the cost of these shares when I have held the account for 17 years? 

6 Replies
Anonymous
Not applicable

Capital Gains

 
Anonymous
Not applicable

Capital Gains

you need to clarify what you mean by tax deferred.   was this a retirement account or an annuity?    then what happened? 

Jsg1550
Level 2

Capital Gains

This is what it states, "Cost basis is not applicable to tax-deferred accounts, including 529 and retirement accounts, or money market funds." 

They did email me a year by year account of transactions which contain Dividends and Capital Gains. This goes back from now to 2003. That's like having a road map without a destination. This account was handled by Wells Fargo Advisers. I have asked them for information but, for whatever reason, they have not responded yet. I don't know if they are obligated to provide this information. American Funds said they do not supply this. There should be a simple rule.

Thank you for responding. 

Jsg1550
Level 2

Capital Gains

(I don't know if I am responding twice but here goes)

 

 

This is what it states, "Cost basis is not applicable to tax-deferred accounts, including 529 and retirement accounts, or money market funds." 

They did email me a year by year account of transactions which contain Dividends and Capital Gains. This goes back from now to 2003. That's like having a road map without a destination. This account was handled by Wells Fargo Advisers. I have asked them for information but, for whatever reason, they have not responded yet. I don't know if they are obligated to provide this information. American Funds said they do not supply this. There should be a simple rule.

Thank you for responding. 

NCperson
Level 15

Capital Gains

if you sold in 2019, what kind of tax form did they send you? 1099-B? 1099-R? nothing?

 

if you are 74, did they remind you to take your RMD, which would mean this is a IRA.

 

 

Jsg1550
Level 2

Capital Gains

1099 B from Wells Fargo. Lists # of shares, Proceeds, and no Cost Basis or anything else. Tells me to report it on Form 8949 Part 1 with Box B or Part II with Box E checked. 

 

RMD is taken from another account. 

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