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Old 02-18-2009, 09:12 AM
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Cost basis?????????

Here's the background info:

My husband's father had a family trust account where my husband was the sole beneficiary and successor trustee. His father passed away in Sept. 2001.

My husband and I married in 2003 and in 2005 he liquidated the trust account and opened an account in both our names (joint tenancy). The account was opened with same same brokerage company (Schwab).

In October 2007, my husband passed away and I closed the joint account at Schwab and opened my own trust account. No capital gains were reported at that time.

In 2008 I transferred my assets in the Schwab account to another brokerage firm and sold all the stocks and mutual funds and put them in a money market fund account.

I received a capital gains notice from my brokerage account but the cost basis was listed as unknown and the entire value of the sale was reported as a gain.

What is the cost basis from the sale of the stocks and mutual funds? The original purchase price by my father-in-law, the value at the time of his death, the value at the time of my marriage, etc....

Thanks,

Karen



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Old 02-19-2009, 02:06 PM
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Well, for those who are interested, I got an answer from my company's cpa. The cost basis is the value at the time of my husband's death.

If anyone has any conflicting information, I would appreciate a heads up.

Thanks
Karen



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