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 Your correct cost basis is your member adjusted cost basis on your withdrawal report. You might try sending your broker the signed statement they ask for and asking them to adjust the basis under Section 732(b) of the Internal Revenue Code which covers distributions from a partnership in liquidation of a partner's interest. It's not a step-up in basis for inherited property but it is an adjustment to basis required under the Internal Revenue Code. When your broker refers to step up in their letter, they are probably referring to all allowed basis adjustments - not just for inherited property. Lila Husband Dallas In the case of TDA it is very possible the employee had only a rudimentary concept of the subject. On Jan 14, 2019 9:47 AM, "Lila Husband via bivio.com" <user*18883300001@bivio.com> wrote: Your correct cost basis is your member adjusted cost basis on your withdrawal report. Unfortunately, there is nothing you can do about it at this time. As noted earlier, your cost basis is the adjusted cost basis shown on your withdrawal report. However, Congress in its infinite wisdom when it established the cost basis tracking rules gave the brokers an exemption from having to record adjustments to cost basis on stocks that were transferred to them. If you find just the right person in just the right mood you might get them to make the change, but I wouldn't count on it. It's your responsibility to track cost basis (even when the broker also does so). When the shares are sold, you indicate the adjustment to cost basis on Form 8949, column (g), with code "B" in column (f). Ira Smilovitz
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