Tax Question??

[shadowkat]

Spoke too soon. Have a question - does anyone out there understand how to figure out a
"cost basis"? If you don't know what it is, you don't know.

Comments

[embers-log.livejournal.com]

I always had a tax accountant determine it for me, basically it is the difference between the original value of the stock (or mutual fund) and the value when you sold it, in order to determine how much you owe for Capital Gains... but you should be able to deduct fees etc...
Google had some good sites:
http://www.investopedia.com/ask/answers/05/costbasis.asp
http://www.irs.gov/faqs/faq-kw34.html
http://mutualfunds.about.com/od/taxes/a/basis.htm
I know...you probably googled it your own self.

[shadowkat67.livejournal.com]

I may have to do that, since stupid wonky company failed to separate it out and stupid brokerage company is too lazy to figure out capital gains/losses or for that matter a cost basis. Ugh! Last year, nice
company (the one that got acquired by wonky train-wreck company) did do it right, as did nice company's brokerage firm (Fidelity).

Note: NEVER use E-Trade - they are idiots. Fidelity is much better in comparison.