Questions tagged [cost-basis]

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36 views

Wash Sale Rule --> disallowed loss carry forward in this particular scenario where I buy replacement shares just *before* selling the entire position?

Please see the example below illustrating a scenario where I buy replacement shares before selling the entire position. My questions are: If I don't buy replacement stock for 30 days after May 8th (...
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0answers
34 views

Allowable depreciation for rental property with varying personal usage

I have a rental property (in the United States; Washington D.C.) that has not strictly been used 100% for business purposes over time. At various times I have occupied different portions of the ...
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1answer
44 views

Roth conversion: why is cost basis the basis of original SEP-IRA investment?

I just converted some money in a SEP-IRA to a Roth IRA. The value of the fund that money was invested in was down about 10% from when I initially invested in the SEP-IRA. Once the transaction was ...
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1answer
38 views

Same stock in separate accounts. FIFO implications

If I held shares of a specific stock since 2016 in one account (let's say Fidelity) and would like to day trade the same stock in another account (E-trade) would the cost basis be treated separately ...
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1answer
52 views

Is a cost basis on an after tax 401K the money I owe tax on?

I make after tax contributions to my company 401K. 15 years ago my company didn't offer a ROTH 401K but allowed for after tax contributions. My contributions are 8% of my base pay (after tax) and my ...
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95 views

Reporting adjusted cost basis for ESPP shares

I have a 1099-B from selling some lots of shares purchased through an ESPP. The sales are qualifying dispositions as the shares were held longer than 2 years from the grant date and 1 year from the ...
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1answer
115 views

What happens to the cost basis when property declines in value between its purchase and the death of its purchaser?

My question is propted by this question on the logic behind the stepped up cost basis for inherited property, but is in no way a duplicate. Suppose that the value of, say, a stock at the time of the ...
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1answer
182 views

Can I change a cost basis method retroactively?

On Form 8949 of my 2017 tax return, I reported short-term (Box C) & long-term (Box F) "transactions not reported to you on Form 1099-B". Will the IRS allow me to file an amended return that ...
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2answers
100 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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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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1answer
317 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 ...
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0answers
406 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
219 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
3k 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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1answer
376 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
78 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 ...
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1answer
69 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 (...
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1answer
139 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.
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1answer
103 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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0answers
111 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? ...
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1answer
78 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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1answer
201 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 ...
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1answer
79 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 ...
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3answers
103 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 ...
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3answers
203 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 ...
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2answers
184 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 ...
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2answers
1k 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 ...
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1answer
109 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 ...
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1answer
140 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 ...
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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 ...
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1answer
547 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, ...
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1answer
122 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 ...
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1answer
46 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 ...
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1answer
254 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 ...
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0answers
88 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
68 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
6k 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?
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1answer
160 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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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 ...
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2answers
191 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
70 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 ...
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1answer
75 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-...
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1answer
108 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, ...
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1answer
468 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 ...
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1answer
1k 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 ...
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1answer
97 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 ...
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1answer
258 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 ...
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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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2answers
125 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 ...
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2answers
76 views

How do I determine if sale proceeds from an asset are taxable?

So let's say you're a small business and you buy a computer and expense that, and then later you want to sell it to buy a newer one. Is there an easy way to determine how much of this sale is taxable? ...