We've been using Turbotax forever. This past year we purchased a new computer and when I tried to capture the Turbotax 2022 filing history we had no luck. I am concerned that we have lost our loss history for our purchase/sale of stocks. Now is that information tracked with Turbotax year to year or does our broker track that when we download the information from their site?
Turbotax does not track stock basis. an accounting program like Quicken, Quickbooks and others do.
pre 2008? in 2008 laws required brokers to track tax basis for securities acquired after 2007. Most if not all did this beforehand because they had to file tax reports with the IRS and taxpayers. It may be unanswerable if your brokerage changes hands or you change brokers. for example transferring stock A from Broker B to Broker R. if Broker R does not get the info from Broker b., then likely it will use market value on the date of transfer. However, it is you who is responsible for properly reporting when sold.
Turbotax does not track stock basis. an accounting program like Quicken, Quickbooks and others do.
pre 2008? in 2008 laws required brokers to track tax basis for securities acquired after 2007. Most if not all did this beforehand because they had to file tax reports with the IRS and taxpayers. It may be unanswerable if your brokerage changes hands or you change brokers. for example transferring stock A from Broker B to Broker R. if Broker R does not get the info from Broker b., then likely it will use market value on the date of transfer. However, it is you who is responsible for properly reporting when sold.
I believe your broker retains all your details. My broker did.
Yes, that's true. However if you change brokers, then the new broker would not have any history. For this reason you must track your cost basis of all investments so the information is always readily available when you sell. This is what Mike9241 was trying to explain
2008? I found it was Jan 1, 2011.
I sold a stock I had since 1984. The 1099B broke it into Covered and Non-Covered shares. They weren't required to track the basis before Jan 1, 2011. Before then you have to figure out the cost yourself.
See this article, under….What investments are covered by the cost basis tax rules and when?
https://www.ameriprise.com/financial-goals-priorities/taxes/cost-basis-reporting