Does anyone know what to do on Schedule D if you are unsure of the date you acquired stock and the original cost? I sold a handful of shares of stock (less than $500) which I acquired from various spinoffs from other companies.
2007-02-27 12:57:11 · 2 answers · asked by heybeerman29 2 in Business & Finance ➔ Taxes ➔ United States
Officially, if you don't know the basis, you put zero for basis. You can put "various" for date acquired.
If you got this small amount of stock through spinoffs, the zero basis might be the case. Did you maintain your original basis on the original stock, rather than try to split it between the original and the spinoff? If so, then your basis would be zero anyway. And if the total gain is under $500, you're not talking a lot of taxes here.
2007-02-27 13:02:11 · answer #1 · answered by Judy 7 · 0⤊ 1⤋
just do your best to estimate it. if you get audited you can always go back and do more extensive research to determine the exact cost basis. remember that the irs only gets the proceeds or sales amount.
2007-02-27 21:01:32 · answer #2 · answered by keepingitgoing 2 · 0⤊ 1⤋