Has Your Investment Club Sold Anything in 2014?

Laurie Frederiksen on

Question:

Are you one of the treasurers who wrote to us to help with reconciling your cost basis and your 1099's for your 2013 taxes?

Did you tell us your club members were "Anxious to get their K-1's".

Opportunity:

If so, you have the opportunity right now to make sure you don't have any delays next tax season.

As soon as you sell a stock, you can compare a "Realized gain/loss" report from your broker with the bivio Capital gains report.

You can make sure Purchase dates, number of shares and cost basis of each lot agree between bivio and your broker.

If they don't and if you don't know how to fix any differences, you can contact us in support@bivio.com

We'll have much more time when it's not tax season crunch to help you figure out what you need to do to get your club records corrected.

Bonus:

Addressing issues when you have a sale means you won't have any big surprises at tax time and you'll be able to speed through getting your investment club taxes prepared.

Doing the checks I've described can be done at the beach.

It would even make a great educational activity at a club meeting.

Bonus Bonus:

Understanding investment taxation is part of being an informed investor.

And, who knows? If all your club members are involved with checking cost basis on your thousands of DRIP lots, they might listen to you a little more when you, as club treasurer, make a plea to discontinue such tiny purchases.

What are you waiting for?

Laurie Frederiksen
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