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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Joseph who wrote (474)1/17/1998 10:29:00 PM
From: Bob Miller  Read Replies (1) of 5810
 
Joseph: The brokers cannot report your basis to the IRS(let's hope
they are never asked to). You may have acquired the shares from another broker; you may have inherited the shares, you may have
received them by gift; they could be the result of DRIP investments,
and more reasons that don't immediately come to mind.

Yes, we each submit our Schedules D to the IRS, and try to keep the
back-up in our papers in case we are audited. It gets quite complex
at times.

My method is to keep all my trades on a 1-2-3 worksheet, and at
year-end I sort by holding period, report only totals on Schedule D,
and attach print-out to the return.

Good Luck,

Bob Miller
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