Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-20-2010, 11:00 AM
Junior Member
Join Date: Feb 2010
Posts: 2
Unknown Tax Basis for mutual funds

I bought shares of Gabelli Growth Funds (Mutual Fund) in 1998 using Suretrade.com as a broker, but I don't know the exact date. I found the oldest statement that I have in my records from 1998 which shows that I owned a qty of 423 shares at $29.62 for a total for $12,556, but to clarify, I don't have the exact price I bought it at as I can't find the execution sheet or the monthly statement for the month that I bought it at.

Since then Suretrade was merged with QuickandReilly, and QuickandReilly has been bought by Bank of America back in 2004. So needless to say I can't find records of the original transaction.

In 2003 I transferred the shares to Fidelity (did not sell them get cash and buy new ones), but just transferred the shares as is to a Fidelity Account, and this past year 2009 in march when the stock market tanked, I divested out of the stock market completely and I sold the complete block of shares for $9100.

Since the shares were owned in my individual name (not an IRA), I have been paying taxes on the dividends each year... And now since I sold the shares qty of 545 in 2009 for $9100, and lost money since I bought them in back in 1998 for something close to $12,556, what can I report on my 2009 Tax return for Cost basis? Can I report the difference between $12,556 - $9100 = $3456 as a capital loss since I don't have any other records to go by?

Any guidance on this is very much appreciated.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Unknown Tax Basis for mutual funds samwithquestion Capital Gains 0 02-19-2010 10:23 PM
The IRS has extended the "Exemption for Certain Distributions From Mutual Funds". TaxGuru Capital Gains 0 06-18-2009 12:14 PM
Unknown cost basis or purchase date Fladabosco Capital Gains 3 03-03-2009 02:51 PM
Unknown basis kp1251 Capital Gains 1 02-14-2008 12:05 PM
Are Mutual Funds an efficient and effective method of long term investing? Adam Investment Strategy 8 11-20-2007 12:07 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning