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Questions tagged [cost-basis]

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68 views

Calculating the basis for shares of international stock mutual fund

I'm calculating the basis in connection with redeeming shares of an international stock mutual fund. The fund has paid dividends quarterly, which I reinvested. I'm reviewing the Federal 1099-DIV ...
1
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1answer
93 views

I don't have a 'I'll enter additional info on my own' button for correcting the cost basis of a stock sale on TurboTax online

The help section of TurboTax says that to enter the corrected cost basis of a stock sale, I need to click the 'I'll enter additional info on my own' button, but I don't have this button.
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2answers
93 views

Traditional IRA with No Deduction Allowed

Martha is a W-2 employee, lives in the U.S., and works for a company that doesn't offer a 401(k). She is maxing out her traditional IRA every year 2010-2019 but she is not qualified to take any ...
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1answer
66 views

How can I calculate my cost basis for GENERAL MTRS CO WTS EXP 07/10/20?

About ten years ago The firm holding my money put some GM bonds into my investments. The records are gone and now the bonds are called: GENERAL MTRS CO WTS EXP 07/10/20.
3
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1answer
97 views

During retirement, what if form 8606 is missed one year? Non-deductable traditional IRA contributions

What happens if, during retirement, you miss filing form 8606 one year? Form 8606 is used to track non-deductible contributions to an IRA. In retirement those contributions can't be taken out all at ...
-1
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2answers
119 views

Would the cost of an item be more accurately expressed as a ratio of cost vs. minimum wage?

I'd like to express the cost of items in a document that can help with spending decisions in the long term. For instance, an item costs $30, with the minimum wage being $15/hr. in the present year. ...
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0answers
169 views

What value to enter in yahoo finance cost basis

I've just started using yahoo finance. I've only bought shares at atm. I've added Portfolio->My holdings-> Symbol-> Lot Under Lot what is the value to enter on Cost basis? Is it share cost per share ...
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1answer
119 views

When two valid methods used to determine step-up in value at death for real estate differ, can one freely choose the most advantageous?

I have been told that there are (at least) two methods to determine the value of real estate at death, for cost-basis step-up purposes: (1) the value given by an accredited appraiser (2) the value ...
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3answers
2k views

401(k) cost basis

My first 401(k) started in the early 1990s with some employer matching funds. Since then, there have rollovers, more 401(k)s, and lost records. Aside from a really rough estimate, what happens when ...
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0answers
119 views

How to calculate cost basis for RSUs that are vested and never sold?

Following is my situation (changed the numbers for simplicity): ABC Inc vested 120 RSUs in 2018, in which 20 RSUs were sold by my employer (price of the share $10, and $20 trade fee) for the tax ...
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2answers
64 views

When I am continually trading an asset, when does each wash sale loss get applied?

Let's say I buy 20 shares of stock at $100 each, and later sell half of those shares at $90. Less than a month later, I buy back 5 shares of the same stock at $95. The stock then rises to $101 and I ...
1
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1answer
53 views

Broker got basis wrong on 1099B

I held some ANDV stock that got bought out by MPC. Terms of the deal were approximately 1.626 shares of MPC per ANDV share, plus $19.80 cash per ANDV share. My 1099B is showing a gain of $1,643.32 (...
9
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4answers
3k views

Gift house to parent then inherit it back to increase basis?

(Question for USA taxes.) Let's say that I have one remaining parent who is quite advanced in age. I own an investment house that has appreciated in value significantly. I want to sell it eventually, ...
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0answers
60 views

Why is the cost basis reported by a broker on RSUs 0 USD?

I notice that E-Trade reports on the Form 1099-B that the cost basis for vested RSUs is 0 USD. Shouldn't the cost basis that report in my tax form be the value of the shares at the time of vesting? ...
1
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1answer
54 views

Mismatched cost basis on 1099-B form for ESPP shares

I have a question about my 1099-B form regarding ESPP sales. My company allows me to buy shares at a 15% discount through an ESPP program. I buy-and-hold for 1 year 1 day so my sales are taxed at ...
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0answers
13 views

Does AMT for incentive stock option exercise affect cost basis? [duplicate]

Suppose I exercise some options from an ISO grant and doing so triggers AMT. Does the fact that I paid taxes on the bargain element of the option affect the cost basis of the stock or is the basis ...
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0answers
210 views

Calculating capital gains and cost basis after acquisition

I had Aetna stock that has gone through the CVS acquisition. 87.815 shares of Aetna. Value with final stock price of $212.70 is about $18,678. Cost basis of $2,160. CVS acquisition resulted in ....
1
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1answer
163 views

Roth IRA Nondeductible basis

I've been using TurboTax to file my taxes for the past decade or so. Since 2015, for income reasons, I have been making after tax (nondeductible) contributions to a Traditional IRA, and then ...
1
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4answers
2k views

How to calculate weighted average cost while taking into account both buys and sells?

I'm trying to write a script that will analyze all of the buys and sells I have made for each cryptocurrency I own, and then tell me the average cost for a coin so I know the cost at which it is ...
3
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1answer
1k views

Calculation of Loss for GM Bonds and Cost Basis of New Issues

In 2011 GM bonds were converted to new GM stock and series A and B warrants. For tax purposes, I have read where others reported the cost basis of new shares received for the new GM and the WSA and ...
1
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3answers
97 views

Tax-Gains Harvesting: which shares to sell

My annual income this year is low enough to take advantage of gains harvesting on some long-term stock share profits to reset the cost basis for a portion of my overall holdings. The share amounts ...
1
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3answers
188 views

Keeping track of “out of pocket” cost basis

Dilemma I have some criticism about the cost basis reported on brokerage websites. It isn't your out-of-pocket cost basis. It accounts for reinvested dividends. As a result, the gain/loss number ...
2
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1answer
102 views

How do I report basis for an item I sold?

I sold an item, that I personally owned, to a business for more than the $600 1099 reporting threshold. This sale was not part of any money making venture. I sold it for less than my basis in said ...
1
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2answers
179 views

Can my new technology reduce crypto taxes?

I invented a new technology that kills your gain taxes on crypto transactions and trades... or so I think :) I am hoping that this is the case but I am not really sure and I would like you to tell me ...
7
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1answer
647 views

How is peer-to-peer lending taxed in the US?

If I make a $1000 investment in peer-to-peer lending, then are the repayments simply taxed as interest payments, similarly to interest earned in a savings account, or is there a reflection of the cost ...
2
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1answer
119 views

Cost basis on sold rental property obtained by cashing out ex-wife, not incident to divorce?

My ex-wife and I bought and lived in a duplex. We eventually divorced and agreed to co-own the duplex where she remained. Later, she moved out and I moved in. (we were always on good terms). A few ...
1
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1answer
132 views

How do transaction and transfer fees affect the ACB of cryptocurrency assets?

Currently cryptocurrencies are taxed as capital assets in Canada, which uses the ACB when calculating capital gains and losses. I understand how to calculate ACB adjustments when buying and selling ...
8
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1answer
540 views

What are the tax liabilities or impact for selling gold in the USA?

What are the tax liabilities for selling gold? For example, suppose I bought an ounce of gold in 2005 at $500 and I sold it yesterday for $1,500. What kind of taxes are due on this (in the United ...
7
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3answers
3k views

What is my cost basis for an old computer given to me by a client when they upgrade?

I do I.T. and sometimes a client will want to upgrade or buy a new computer even when their old one is decent. Suppose they give me a computer that they paid $1000 for, and the FMV is around $400 at ...
0
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1answer
404 views

Consequences of writing a covered call below your cost basis?

If you are holding a stock bought for $40 with a current price of $35 and decide to write a covered call at $39, does anything different happen than if you were to write the call at $40? At $39, ...
4
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1answer
339 views

Calculating cost basis

I am trying to calculate the cost basis of a mutual fund held in an investment account (rather than a tax-sheltered account), for tax purposes. Date Trade Units Unit Price Amount -...
4
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1answer
200 views

Is a mutual fund sale eligible for a step-up in basis when spouse dies

Can a wife get a step-up in basis on a mutual fund sale when the husband is deceased(fund was owned together, living in California)? If so, do you just document the cost-basis research and then use ...
2
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1answer
44 views

What is the correct cost basis to use for a qualifying disposition?

I sold some ISO stock this year that I've held for the required holding period so they can be treated as long-term capital gains and looking on my Form 8949, I see that my CPA has used the FMV as the ...
2
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0answers
84 views

In the U.S., is one who inherits artwork, antiques, or other such goods required to professionally appraise them before selling them?

Artwork, antiques, or other such goods: the category I am trying to refer to is those things which are sold on a market which is not liquid enough for it to be immediately obvious what the market ...
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0answers
67 views

If I convert a primary residence to a rental, are the cost of improvements potentially lost?

According to the IRS: When you change property you held for personal use to rental use (for example, you rent your former home), the basis for depreciation will be the lesser of fair market ...
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4answers
2k views

Buying stocks at one price then buying more at a higher price

If I bought 100 shares at $100 then 2 weeks later bought an additional 100 stocks at a $150, does the cost basis for my original stocks stay the same price of $100?
3
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1answer
133 views

If you a sell a percentage of your holdings in a fund and specify the average cost basis, can you later select another method when you sell again?

Suppose I bought $5,000 in Vanguard Total International Stock Index Fund over several installments, some before 2012 and some after 2012 (set to reinvest), and now it's worth $10,000. I would like to ...
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2answers
185 views

Is there a term for the portion of sale proceeds that match the cost basis?

Is there a word or phrase that refers to the portion of the net sale proceeds that aren't capital gain? I know that portion is equal to the asset's cost basis (gain = proceeds - cost basis), but I ...
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1answer
69 views

Cost is (maybe) part of basis for two assets

I bought two pieces of real estate from an online auction site. They charged me fee for the right to participate in the auction. First question: Should I count this fee as basis for these assets? Or ...
1
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1answer
68 views

What cost basis do I report on the 1099?

Let's say hypothetically $10,000 of RSU vested this past year. My employer has listed $10,000 of RSU onto my W-2 in Box 14. I elected sell-to-cover so now I'm left with ~$5,500 after the sell-to-...
0
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1answer
95 views

Stock split's effect on cost basis (2:1 split, US)

I just sold some stock and am now trying to calculate the cost basis of the stock for US tax purposes. Say I bought one share of stock X for $100, then a stock split occurs so I now have two shares, ...
0
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1answer
429 views

How to calculate cost basis for stock bought before a company spinoff? (USA)

In 2010, Questar Corp. spun off a separate company, QEP Resources. I had stock in Questar that I purchased before this spin off. At the time of the spin off, every share in Questar Corp. was ...
6
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1answer
960 views

1099-B, box 5, how to figure out cost basis?

(in the USA) I just got my 1099-B for stock that was sold last year. Since the company was bought out, all my stock in this company was sold. This stock was originally invested when I was very ...
3
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1answer
94 views

Find cost for specific investment over last year in GnuCash

I have a mutual fund account containing purchases over several years. Each year there are many individual purchases. The "Balance" column is useful for telling me the total number of shares purchased ...
2
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1answer
725 views

Handling rounding errors when picking cost basis

I am working on the capital gains taxes that the United States IRS demands (Form 8949 and Schedule D). Choosing a good algorithm for picking a cost basis for a sale seems to not be easy in the ...
0
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1answer
69 views

Cost basis for imported shares formerly in an ISA

I recently became a resident of the US. I was formerly a resident of the UK. I transferred my stocks and shares from the UK to a US broker shortly after I moved. I understand that when selling these ...
2
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2answers
550 views

Have you handled a Health Savings Account on your Alabama/California/NJ state tax returns?

I'm looking at https://www.bogleheads.org/wiki/Health_savings_account#State_taxation_of_HSAs where it says "you are required to keep good records, track the state cost basis manually, and report HSA ...
1
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1answer
243 views

Can you gift assets to your parents well in advance of their deaths to get a cost-basis step-up?

I know that gifts given to parents by their children within one year of their death are not eligible for cost-basis step up upon inheritance by those same children. I understand that this is to close ...
5
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2answers
124 views

Cost Basis in Retirement Accounts Irrelevant?

Since distributions are considered income for traditional accounts, and Roth distributions are not taxed, does using Lot Identification instead of Average Cost (or vice versa) make any difference ...
2
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2answers
2k views

ESPP cost basis and taxes

I participated in a qualified employee stock purchase plan (ESPP) and the offering period just ended. I put in $5000 and got a 15% discount on the price at the end of the offering period (no lookback ...