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Trying to confirm basis for multiple mutual funds purchased over time in a college savings trust?

Make monthly purchases of funds over a 10 year period. Investment firm didn't report basis in 1099 after sale of the securities. Liquidated the funds in 2012 to cover college costs. USGov is asking for tax as if 100% is gain.

Jan 02, 2014 by Mark in  |  Flag
3 Answers  |  6 Followers
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2 votes

It is conceivable to calculate the basis if your investment company is unable/unwilling to reprint trade confirmations for you. If you know you made a consistent dollar purchase each month in one particular fund on the same day each month, then you could, theoretically, use Yahoo Finance to research historical prices of that fund. It would be an enormous project, but could result in the answer you seek. The other question you have to ask yourself is if the time it takes to perform this research is worth the amount of tax savings.

Comment   |  Flag   |  Jan 09, 2014 from Summerville, SC

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1 vote

Hi Mark,

Sorry that you’re having to deal with this. Unfortunately, I don’t think any of us here on BrightScope’s Q&A will have happy news for you….

If you still have trade confirmations or statements, you may be able to reconstruct the basis. If you had set-up the funds so they’d reinvest distributions of interest, dividends, or capital gains into additional shares, then be sure you account for that as well.

If you no longer have confirmations or statements, you may wish to contact the investment firm(s) you dealt with to see if they’d be willing to generate historical statement copies for you. That may be a remote possibility, especially since we’re now entering tax season and it may be a busy time for them.

Barring that, I recommend you consult a CPA or Enrolled Agent (EA) for guidance.

Best wishes as you sort this out.

View all 4 Comments   |  Flag   |  Jan 02, 2014 from Clackamas, OR

Thanks again Larry. Happy new Year!

Flag |  Jan 02, 2014
Larry McClanahan, CFP®, ChFC, CLU, CASL

And a Happy and Prosperous New Year to you too!

Flag |  Jan 02, 2014 near Clackamas, OR

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1 vote

There is a service I haven't used but have heard good things about. Based on information you enter, the site calculates your basis. You can look it up at https://www.YourOldMoney.com

1 Comment   |  Flag   |  Jan 04, 2014 from Alexandria, VA

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Flag |  Jan 04, 2014 near Prince Street, NY

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