Discussion:Cost basis on stock sale
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Discussion Forum Index --> Advanced Tax Questions --> Cost basis on stock sale
Discussion Forum Index --> Tax Questions --> Cost basis on stock sale
Chicagocpa1 (talk|edits) said: | 2 April 2008 |
| I have a client who was gifted 8 shares of IBM stock from her mother back in 1995. The mother had purchased two shares of IBM stock 20 years earlier. Between reinvestments of dividends, possible stock splits, etc... my client ended up with 35 shares of stock which she sold in 2007. How would anyone come with a cost basis for the stock? | |
Nancyshoemake (talk|edits) said: | 2 April 2008 |
| I would have the client compute the cost basis by an educated guess. Keep the responsibility of that off of you. | |
| 3 April 2008 | |
| Get original cost of 2 shares of IBM - look at yahoo finance and do a history of dividends only from 1995 to date of sale also look at maximum chart which will tell you the dates of splits and ratio. symbol is IBM. You could get estimate of original cost by doing a history of price for 1975 (if available). Hope this helps you. | |
Marty's mobile tax (talk|edits) said: | 3 April 2008 |
| Go to bigcharts.com, lots of historical stock data on there. | |
| 3 April 2008 | |
| Better than bigcharts is Yahoo Finance. Much more information and much easier to use. | |
Death&Taxes (talk|edits) said: | 3 April 2008 |
| Bigcharts gives you the split adjusted price when bought. If it were only the eight shares, you would need no more. It's the DRIP shares that are the problem. Something like this, I use Xcitax.com, but it is a pay site, and you can waste money learning how to get what you want, but I just did this with Exelon/PECO for a DRIP plan that they took back to 1990. | |
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