Sunday, December 4, 2011

How long are brokers (e-trade) required to keep transaction info?

My husband closed his e-trade account because the stock had plummeted and the stocks were sold to pay the maintenance fees. The 1099-B form e-trade sent us for taxes does not have any of the purchase information for these stocks. They were purchased approx. 10 years ago and e-trade told us they did not have transaction info that old. The tax form asks for purchase date and purchase price. We have searched but cannot locate the statements from 10 years ago when the stocks were purchased.|||Usually 7 years as that is as far back as the IRS will go except in major tax fraud cases.|||You can make a best guess effort for the IRS. Go to yahoo finance and look at the chart for the stock from 10 years ago.





Sounds like you lost money on the stock. Brokers only report proceeds of a sale. The cost basis is your responsibility.

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