Is there a website to find cost of stocks purchased prior to 2011? Client received a 1099-b with no cost for stocks purchased through his employer between 2009 and 2011, prior to when SEC required that information to be provided. I would like to reduce his gain if possible.
I use this one
--just used it yesterday to find stepped-up basis for inherited stock sold by widow after husband's death in 2019 (community property). Lazy "financial planners" are willing to take her $4,000 annual fee but can't do the work themselves.
These may not be covered securities but the wage reporting requirements were the same for those years.
Before venturing to use public websites to determine your client's cost basis, you should ascertain what kind of options those are. Statutory options are treated very differently from NQSO.
It's best to go back to the returns filed for those years as well as the related W-2s, comp breakdown, and stock options documents from that time. Historical trading prices do not establish basis. What was, in fact, previously reported as your client's gross income does and the burden of proof is on the taxpayer.
Still an AllStar
@itonewbie I know you don't have many WalMart employee clients, but there are many of them who were not in one of those high-falutin' stock option plans -- they put a few dollars per paycheck into a fund that occasionally bought stock. I think some of it might have been 85% of lowest or average price for the quarter. The preparer should know that and make adjustments