Do I use Adjusted Cost Basis or Club Cost Basis after Club has disbanded
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Do I use Adjusted Cost Basis or Club Cost Basis after Club has disbanded Our club disbanded in December and our Treasurer transferred all members stocks to their personal broker accounts. When these transactions occurred the receiving broker used the clubs cost basis for my cost basis and seems disinclined (see email below) to use my member adjusted cost basis unless it's a step-up basis. An accountant member says I can make this right when I sell by letting my accountant know but I'd prefer to have my records accurate at the broker in the event I lose my final member withdrawal information. Anyway...the most simple question is the one in the subject line above and I'm hoping you can answer it? Also, FYI the adjusted cost basis for some of my stocks transferred happens to be more than the clubs cost basis (I'm guessing due to the less amount of time I was in the club). Perhaps that's why Ameritrade was thinking it was a step-up basis (?) which it isn't as no one died. Thanks, Joanne -----Original Message----- From: Cost Basis - TD Ameritrade Institutional [mailto:institutionalcostbasis@tdameritrade.com] Sent: Wednesday, January 9, 2019 9:59 AM To: Rosenthal <rosenthal@nwi.net> Subject: Re: Account xxxxx5484 JB Rosenthal (KMM102801106V56741L0KM) Hello Joanne, These positions transferred in as covered and therefore we are unable to update cost basis. If this is for a step up in cost basis, please provide a signed letter of instruction requesting the step up. If you have any further questions please contact us at 1-800-431-3500. Thank you and have a great day! TD Ameritrade Institutional 5010 Wateridge Vista Drive San Diego, CA 92121 Original Message Follows: ------------------------ Please see attached for my adjusted cost basis for the enclosed stocks that were transferred to Ameritrade from my former investment club. On 1/7/19 I spoke with Ashley from the Cost basis team who suggested I submit this info. so I can have accurate information posted at Ameritrade in the event I choose to sell these stocks. Thanks for your attention to this email. You can call me at 509-293-6921 if you have any questions. Joanne Rosenthal It is regrettable TDA gives you this friction, but at tax time there is formally a way to tell the IRS you are claiming a different cost basis from TDA records. Just be prepared to fully document your tax statement. I had some unsatisfactory experience with TDA on the matter of shares sold and decided to remove all my funds from that institution some years ago. Hope this helps -- Mark Johnson On Jan 13, 2019 3:03 PM, "Rosenthal via bivio.com" <user*23487500001@bivio.com> wrote: Our club disbanded in December and our Treasurer transferred all members |
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