How can I obtain long term/short term sale info in the future after transferring stock from one account to another?

Forum|Forum|6 years ago
March 14, 2020
2 replies
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I transferred all my stocks from Robinhood to Schwab last week without a sale. It shows up in my Schwab account with cost price 'N/A'. I have marked down my avg cost in Robinhood before the transfer.

One problem I just realize is how can I obtain long term/short term gain/loss information after the stock is sold in Schwab. Would Schwab provide that information on 1099 or do I have to calculate that myself?

Best answer by GiseleD

It depends on the policies of that broker. They may or may not track your original basis. Therefore, you were very wise to record your cost basis of those stocks. Please keep that data in a safe place; you will likely need to adjust the cost basis when the sale of those stocks is recorded on a 1099-B.

GiseleDAnswer

It depends on the policies of that broker. They may or may not track your original basis. Therefore, you were very wise to record your cost basis of those stocks. Please keep that data in a safe place; you will likely need to adjust the cost basis when the sale of those stocks is recorded on a 1099-B.

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Employee

Ask your broker how to go into your holdings on the website and enter the basis if it's not there already (or even if it is there).

Don't cheat, now! We're all on the honor system here.

Cost N/A would indicate your Sale Category is going to be B,E.

[update: Maybe you can't do this anymore. You used to be able to.]

A

Anonymous

at worst when you sell a stock at schwab they will put it in the 1099-B section tax basis not reported to IRS. then you can enter the correct cost basis in TT. so keep good records like the last statement that showed the cost basis from Robinhood or the actual trade confirms.

I talked to Schwab because I had issue with cost basis and they refused to change it in their records.