The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: No receipt = zero tax basis?||Date: 10/15/2005 8:29 PM|
|Author: KenAtPcs||Number: 81110 of 125861|
Thanks, Peter, for that alternate viewpoint.
The fact is, I do NOT know how much I paid, only that gold was considerably more per ounce in 1980 than it is today. I don't even know exactly when I bought it, except it was in the earlier part of the year. (In fact, for all I know, perhaps I pre-ordered it in late 1979 ... but I doubt that they did such a thing. I really don't remember the details of the transaction.)
Perhaps it would be fair, and honest, to assume a price equal to whatever price I sell it at. No loss, no gain. There were times in the early part of 1980 when gold was not *too* much more than it currently is (though never below, AFAIK). So maybe, on the off chance I'm audited, that would be a reasonable argument to make.
I'm still going to try to contact the USPS, *just* in case they happen to have kept such records. A lot of trouble for what amounts to a relatively small difference in taxes (at 15% LTCG rates), but it really bugs me that I didn't keep the receipt! :-)
|Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|