T/P does not have the holding period for sale of stock and so this info is unavailable. I thought I read somewhere that it would be long-term. Help please.
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Long-term status bestows a substantial tax benefit. I would guess that absent proof that a taxpayer can provide, the IRS's default position would be zero basis and short term.
Your client has to be able to find out when the security was purchased. They likely had to use a broker who should be able to help. In the alternative, they can check their bank records or payroll records. -
If the TP bought it within a year of its sale, surely he would remember that. If he can show by his tax returns that he has been reporting dividends on that stock for any number of years, then that would show it was long-term. I have gone back and checked prior returns for that information. Where dividends have been reinvested, it can get hairy, but the custodian of any DRIP plan has all that information. Who issued the 1099-B?Comment
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