getting the cost basis for tax purposes..help

Nalgas
Nalgas Member ✭✭✭
edited March 29 in Investing (Windows)
Hello
I have a brokerage account with stocks and several mutual funds within it.
In my 1099 the cost basis is missing, and thus I have to calculate it. I sold 25 shares on 1/27 and 20 on 1/12.
I pulled up the capital gains report for that fund, but I don't know if I'm looking at the correct numbers.

How can I easily, hopefully, calculate the cost basis for those 2 sales to report on my tax return?
The security doesn't have the average cost ticked off.

Thank you

Answers

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    The numbers in the Capital Gains report should transfer pretty much directly to Schedule D. There are separate sections for short and long term gains.

    There is one row in the report for each tax lot that you sold.
    Security and Symbol is what you sold.
    Shares is the number of shares sold.
    Bought is the date you bought the lot. 
    Sold is the date you sold it.
    Gross Proceeds is the cash you received for that lot.
    Cost basis is what you paid for that lot

    Do you need further clarification, or do the numbers in the report not make sense?
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  • Nalgas
    Nalgas Member ✭✭✭
    The numbers in the Capital Gains report should transfer pretty much directly to Schedule D. There are separate sections for short and long term gains.

    There is one row in the report for each tax lot that you sold.
    Security and Symbol is what you sold.
    Shares is the number of shares sold.
    Bought is the date you bought the lot. 
    Sold is the date you sold it.
    Gross Proceeds is the cash you received for that lot.
    Cost basis is what you paid for that lot

    Do you need further clarification, or do the numbers in the report not make sense?
    thank you Jim
    Yes they make sense. So, to identify the first 20 that I sold, I would have to go back from that sale date and add the lots to total 20 shares, right? And then add the cost basis to get the total for those 20 shares.
    I thought there was an easier way, though this isn't too bad.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    You can get the report to do the totaling for you by restricting the date range to just the sale date.

    Consult your tax advisor or the Help in your tax program to see if you need to report the individual lots or if you can add them up and use "Various-L" for the purchase date. I think this applies only to mutual funds and there is a cutoff date around 2011 that affects this.
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  • Nalgas
    Nalgas Member ✭✭✭
    edited March 28
    You can get the report to do the totaling for you by restricting the date range to just the sale date.


    thank you again Jim
    I ran the report for 1/12/21 - 1/12/21, and surely it showed all lots going backwards that totaled up to 20 shares.

    If I do the same for 1/27-1/27, it only shows me 25 shares from the very first purchase back in 1993, instead of everything else going backwards from the 1/12 sale.

    What am I doing wrong?

    EDIT - I played with the original sale transaction, and I had specified the lots incorrectly.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited March 28
    OK, does it make sense now that you have specified the correct lots?

    Once you changed the lots for the first sale, make sure they are correct for the second one.
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  • Nalgas
    Nalgas Member ✭✭✭
    OK, does it make sense now that you have specified the correct lots?

    Once you changed the lots for the first sale, make sure they are correct for the second one.
    yes sir.
    Big thanks
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