Returns From Investments In Mutual Funds
June 21st, 2007
Question: I sold some mutual funds I bought years ago & can’t determine the cost basis. What to do? I have no records.
I bought this mutual fund in installment payments over a number of years. This was several years ago. Last year I sold the funds and transferred the account so I can’t access it online and have no records of the prices I paid. I don’t know if I had a gain or loss. I have to file taxes now. The 1099 came in showing sales of $3905.92. I have no records and can’t get help from the investment company since I closed the account. What should I do on my income tax return?
Answer: You can call the brokerage firm that held your funds as see if they have a purchase history. If they do not you will need to look at the history of the mutual fund around the time you purchased, try to be as precise as possible. You should also reveiw your previosly years tax returns if you reinvested any dividend and paid taxes already. Only include dividends paid by this fund.
Good luck
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