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Gathering 35 yrs of investment costs, Help

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amdx

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Jan 6, 2018, 2:59:13 PM1/6/18
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I started investing in stocks about 35 years ago.
I have non tax advantaged funds funds that I have
moved 3 or 4 times. I'm sure if taxes were due I paid them,
at each move, but I still will need to figure out a cost basis
when I start selling them for retirement income.
Can anyone give me a clue about how to start this process?
I have boxes of statements in the attic, but I envision a nightmare
10 times worse than trying to do my own taxes.
Any feedback on what is required, what I'd be looking for, etc.
I have a few years to compile the records, but want to do it before
I don't have any energy left!

Also:
Can I assume any IRAs and SEP/IRAs, when funds are withdrawn, they are
fully taxed, because I didn't pay tax when they were funded. So I don't
need to worry about the records?
Regarding Roth IRAs no taxes will be due, so Again no records needed?

Mikek

PS. What is the law from 2012 requiring Brokers to start keeping
records? And why don't they have them farther back.

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Andy

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Jan 21, 2018, 5:46:04 PM1/21/18
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I have non tax advantaged funds funds that I have
moved 3 or 4 times. I'm sure if taxes were due I paid them,
at each move, but I still will need to figure out a cost basis
when I start selling them for retirement income.
Can anyone give me a clue about how to start this process?
I have boxes of statements in the attic, but I envision a nightmare
10 times worse than trying to do my own taxes.
Any feedback on what is required, what I'd be looking for, etc.
I have a few years to compile the records, but want to do it before
I don't have any energy left!


I don't have a magic formula to recreate your cost basis, but I have two suggestions that might eliminate the need to do so. If the value of your shares isn't too great, you might consider donating those appreciated shares to charity (instead of donating cash). If you donate to charity, you deduct the fair market value of the shares (not the cost basis). The other option is to gift the shares to your children. They receive the shares - as well as your cost basis - but if they are in the lower tax brackets they might be able to assume a zero cost basis and still pay 0% on the long-term capital gain.

Taxed and Spent

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Jan 21, 2018, 6:41:08 PM1/21/18
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On 1/21/2018 2:44 PM, Andy wrote:
> I have non tax advantaged funds funds that I have
> moved 3 or 4 times. I'm sure if taxes were due I paid them,
> at each move, but I still will need to figure out a cost basis
> when I start selling them for retirement income.
> Can anyone give me a clue about how to start this process?
> I have boxes of statements in the attic, but I envision a nightmare
> 10 times worse than trying to do my own taxes.
> Any feedback on what is required, what I'd be looking for, etc.
> I have a few years to compile the records, but want to do it before
> I don't have any energy left!
>
>
> I don't have a magic formula to recreate your cost basis, but I have two suggestions that might eliminate the need to do so. If the value of your shares isn't too great, you might consider donating those appreciated shares to charity (instead of donating cash). If you donate to charity, you deduct the fair market value of the shares (not the cost basis). The other option is to gift the shares to your children. They receive the shares - as well as your cost basis - but if they are in the lower tax brackets they might be able to assume a zero cost basis and still pay 0% on the long-term capital gain.
>


That shoots his plan to sell them for retirement income. As would my
suggestion of keeping them until death, upon which there would be a
stepped up/down basis as of date of death.

I have the same problem, but since I haven't traded as much, just held
on for a long time, I should just be able to go through the statements
and find out when things were purchased or spun off. Of course I
probably have all this info in Quicken anyway, but still need the proof.

I suggest you wait for a rainy day, early in your retirement. You will
have time then.
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