There is no such IRS rule. FIFO is the default. You may have things backwards. If you switch to average cost basis, you must continue to use average cost basis for all holdings of that security. There is no tax code requirement that every holding ...
Almost, but not quite. If you used average cost basis for mutual fund shares which you sold prior to 2012, you have (had) to continue to use average cost basis. If you sold some shares using FIFO or specific lot identification, you can switch to ...
It doesn't matter in tax-deferred accounts since there are no capital gains in those accounts. Any distributions will be taxed based on the value of the distribution reduced by any allocation of basis in the account to that distribution. Note that basis in a tax-deferred ...
Hi All - My club is looking at purchasing Seadrill Limited (SDRL) and I want to make sure this stock won't cause us any weird tax problems. Any info would be appreciated. Thank you! Andy
Hi folks, For those of you who are figuring out the new rules, I would like your comments. I just spoke w/Vanguard where my husband and I have the bulk of our retirement funds in tax-deferred accounts. I was guided to our account set up ...
Hi All - Just a couple quick questions as we get into tax season - 1) Does an investment club have to register a DBA in Utah? 2) Does an investment club have to file a Utah State partnership tax return or is it only ...
Since the filing addresses aren't PO Boxes, you should be able to use the same address. However, why would you want to use Fedex or UPS at higher cost than sending it via USPS first class, certified mail? Ira Smilovitz In a message dated 2/6/2012 ...
Hello everyone, If you have any questions, here is a direct link to information about where to send your tax forms: https://www.bivio.com/site-help/bp/Investment_Club_Taxes_Filing_Address_Help For future reference, you can also find this link on our help page under t for Taxes. -- Laurie Frederiksen Invest with your ...
A quick search didn't turn up any corporate events that would have affected your holdings in CBD on 5/12/11, so I can't help you there. ADR fees are associated with receiving dividends on ADR holdings, not the purchase/sale of the shares. Ira Smilovitz In a ...
Hello Everyone, I hope you had a great weekend. As part of our collective quest for Positive Relative Returns, let me know if you'd like me to create a graph of your club's relative returns for you. Your relative return for a given time period ...
Last year I watched the acct. seminars in January but was unable to this year. Is there a site where I access the ones this past January to refresh my memory? Flo Primrose
ADR fees are deductible expenses. Cash liquidation is probably cash-in-lieu for fractional shares in a merger, but it could be something else. Could you provide specifics about that transaction? Ira Smilovitz In a message dated 2/3/2012 1:58:35 P.M. Eastern Standard Time, ldelmolino@comcast.net writes: In performing ...
In performing our year end club audit, I came across a couple of items that I'm not familiar with - they are very small amounts and I simply want to have a better understanding of what they are. One is an expense item labeled "ADR ...
Our club recently purchased Intel (INTC). However, its prices are not being updated automatically (i.e. I have to update it as "value unlisted"). I do know that we owned it a long time ago and I think I remember there is/was a bug related to ...
In the drp statements we receive there is a commission which is noted as paid by the company. When I have recorded the dividend I have not added that to the amount listed for the dividend, but the 1099 seems to have it added in. ...