I recorded a cash and stock withdrawal separately, because they were done in two separate months. I need to delete the stock withdrawal and re-enter it to include fees that were deducted. I assume I can just delete the stock withdrawal in the transaction file. Is that correct?
Part of your understanding is backwards. The cost basis is adjusted upon receipt of the shares, not the sale. Form 7217 needs to be attached to the return for the year the shares are received, not sold. Unfortunately,
the form is so new (December 2024) that even professional tax software doesn't include it yet (at least mine doesn't). We professionals do have an advantage. We can attach pdfs to our electronic submissions. I don't know if consumer grade tax software has
the same capabilities.
In simple terms, Form 7217 provides the IRS with a copy of your withdrawal report(s), presented in a format that the IRS can use.
It is my understanding that the basis is not adjusted to the partner's basis until they sell the stock. Check out the new IRS Form 7217 that needs to be filed with a former partner's return if they sold any of the transfered final withdrawal stock
in the tax year being reported. I'm not an tax expert but I did sell some of my withdrawn stock last year and I will have to print and mail my personal return in because that form is so new and none of the online e-filing software handles it.
Our club is in the process of disbanding. We previously had
our account at TD Ameritrade and last year switched to
Fidelity before our account would be transitioned to Schwab
because we understood that Schwab would not allow stock
transfers to withdrawing members. Now I am having difficulty
convincing Fidelity that the cost basis needs to be adjusted
when we transfer stocks to members. I never had this problem
with TD Ameritrade. Has anyone else had this problem with
Fidelity? Is it just the individual(s) I speak with? I seem
to get different answers from different people.
Sharon Holley on
I am having trouble getting to the transaction before 6/24 so I can delete the stock withdrawal. If someone one can delete this for me let me know. I've tried to show 300 transactions but it won't list that many.
On Friday, March 14, 2025, 9:15 AM, Sharon Holley <sholley200@yahoo.com> wrote:
All,
I recorded a cash and stock withdrawal separately, because they were done in two separate months. I need to delete the stock withdrawal and re-enter it to include fees that were deducted. I assume I can just delete the stock withdrawal in the transaction file. Is that correct?
Part of your understanding is backwards. The cost basis is adjusted upon receipt of the shares, not the sale. Form 7217 needs to be attached to the return for the year the shares are received, not sold. Unfortunately,
the form is so new (December 2024) that even professional tax software doesn't include it yet (at least mine doesn't). We professionals do have an advantage. We can attach pdfs to our electronic submissions. I don't know if consumer grade tax software has
the same capabilities.
In simple terms, Form 7217 provides the IRS with a copy of your withdrawal report(s), presented in a format that the IRS can use.
It is my understanding that the basis is not adjusted to the partner's basis until they sell the stock. Check out the new IRS Form 7217 that needs to be filed with a former partner's return if they sold any of the transfered final withdrawal stock
in the tax year being reported. I'm not an tax expert but I did sell some of my withdrawn stock last year and I will have to print and mail my personal return in because that form is so new and none of the online e-filing software handles it.
Our club is in the process of disbanding. We previously had
our account at TD Ameritrade and last year switched to
Fidelity before our account would be transitioned to Schwab
because we understood that Schwab would not allow stock
transfers to withdrawing members. Now I am having difficulty
convincing Fidelity that the cost basis needs to be adjusted
when we transfer stocks to members. I never had this problem
with TD Ameritrade. Has anyone else had this problem with
Fidelity? Is it just the individual(s) I speak with? I seem
to get different answers from different people.
ira smilovitz on
This is an issue that should be handled by Support, not the club_cafe.
I am having trouble getting to the transaction before 6/24 so I can delete the stock withdrawal. If someone one can delete this for me let me know. I've tried to show 300 transactions but it won't list that many.
I recorded a cash and stock withdrawal separately, because they were done in two separate months. I need to delete the stock withdrawal and re-enter it to include fees that were deducted. I assume I can just delete the stock withdrawal in the transaction file. Is that correct?
Part of your understanding is backwards. The cost basis is adjusted upon receipt of the shares, not the sale. Form 7217 needs to be attached to the return for the year the shares are received, not sold. Unfortunately,
the form is so new (December 2024) that even professional tax software doesn't include it yet (at least mine doesn't). We professionals do have an advantage. We can attach pdfs to our electronic submissions. I don't know if consumer grade tax software has
the same capabilities.
In simple terms, Form 7217 provides the IRS with a copy of your withdrawal report(s), presented in a format that the IRS can use.
It is my understanding that the basis is not adjusted to the partner's basis until they sell the stock. Check out the new IRS Form 7217 that needs to be filed with a former partner's return if they sold any of the transfered final withdrawal stock
in the tax year being reported. I'm not an tax expert but I did sell some of my withdrawn stock last year and I will have to print and mail my personal return in because that form is so new and none of the online e-filing software handles it.
Our club is in the process of disbanding. We previously had
our account at TD Ameritrade and last year switched to
Fidelity before our account would be transitioned to Schwab
because we understood that Schwab would not allow stock
transfers to withdrawing members. Now I am having difficulty
convincing Fidelity that the cost basis needs to be adjusted
when we transfer stocks to members. I never had this problem
with TD Ameritrade. Has anyone else had this problem with
Fidelity? Is it just the individual(s) I speak with? I seem
to get different answers from different people.
I am having trouble getting to the transaction before 6/24 so I can delete the stock withdrawal. If someone one can delete this for me let me know. I've tried to show 300 transactions but it won't list that many.
I recorded a cash and stock withdrawal separately, because they were done in two separate months. I need to delete the stock withdrawal and re-enter it to include fees that were deducted. I assume I can just delete the stock withdrawal in the transaction file. Is that correct?
Part of your understanding is backwards. The cost basis is adjusted upon receipt of the shares, not the sale. Form 7217 needs to be attached to the return for the year the shares are received, not sold. Unfortunately,
the form is so new (December 2024) that even professional tax software doesn't include it yet (at least mine doesn't). We professionals do have an advantage. We can attach pdfs to our electronic submissions. I don't know if consumer grade tax software has
the same capabilities.
In simple terms, Form 7217 provides the IRS with a copy of your withdrawal report(s), presented in a format that the IRS can use.
It is my understanding that the basis is not adjusted to the partner's basis until they sell the stock. Check out the new IRS Form 7217 that needs to be filed with a former partner's return if they sold any of the transfered final withdrawal stock
in the tax year being reported. I'm not an tax expert but I did sell some of my withdrawn stock last year and I will have to print and mail my personal return in because that form is so new and none of the online e-filing software handles it.
Our club is in the process of disbanding. We previously had
our account at TD Ameritrade and last year switched to
Fidelity before our account would be transitioned to Schwab
because we understood that Schwab would not allow stock
transfers to withdrawing members. Now I am having difficulty
convincing Fidelity that the cost basis needs to be adjusted
when we transfer stocks to members. I never had this problem
with TD Ameritrade. Has anyone else had this problem with
Fidelity? Is it just the individual(s) I speak with? I seem
to get different answers from different people.