I received shares of a growth stock fund when I graduated college in 1979. The capital gains and distributions were reinvested into the fund. All the statements from this period have been lost. I consolidated my investments which included moving the fund to a different financial company in 2011. I contacted the original holder of the fund and was told since I no longer have an account, they could not provide any detail of my prior holding there. Last year some of this stock was sold by the group where the fund is now held so I need to report a cost bias and purchase date for the sale on my income tax. Any suggestions on how to proceed?
If you can't find the basis, you will have to report it as zero. You know that you have at least had them since college, so they would be long term. With the capital gains rates being so low, you may not have a problem.
Thank you for your reply. Dose the fact that I reinvested capital gains and dividends back into the fund impact on estimating any of the coat bias info? In doing so, not all of the stock I held was purchased at the same time. I'm assuming listing the purchase date as "various" will address this?
It sounds like you'll have to do some research and math. It’s your responsibility to keep the records of your transactions. Brokers did not have to do any of this in the past years.
The reinvested dividends would have a cost basis of the amount of the dividend.
If you don't remember what you originally paid for the rest of the stock you may be able to use Historical Stock Quote Prices - MarketWatch to determine the original value.
You're correct that you can use "Various" for multiple transactions that were not done at the same time. Be sure you retain a copy for your records of how you calculated the cost basis.
There is a procedure for entering Various into you investment transactions.