Question

I closed out a mutual fund, with purchases as old as 1991, and two sales in the early 2000s (which caused revisions to my cost basis). If I only enter old Purchases into TurboTax (without the sales) my cost basis wil be inaccurate. How can I record b

Forum|Forum|6 years ago
April 3, 2020
2 replies
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A

Anonymous

try contacting the fund. if no help. you could always research the historical prices and use some logical method to come up with cost or you could just guess.

fanfare

Employee

One never enters purchases into TurboTax.

Only sales transactions are reported to the IRS.

See IRS Pubt 550 Chapter 4 for how to track your basis in security purchased way back in time.

fanfare

Employee

are you saying you sold in the year 2000 but didn't report it ?

D

DH21Author

Thank you for the question. I reported it in both years when I sold shares and paid tax on the basis as I calculated it at that time.

I closed out a mutual fund, with purchases as old as 1991, and two sales in the early 2000s (which caused revisions to my cost basis). If I only enter old Purchases into TurboTax (without the sales) my cost basis wil be inaccurate. How can I record b

2 replies

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