The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: The Cost Basis Crisis Date:  6/30/2006  11:28 PM
Author:  DBAVelvet74 Number:  87629 of 127616

A better solution would be more stringent auditing, with penalties for underreporting to help offset the costs of additional auditing.

Or do like parking lots. If you lose the ticket they assume a worst case scenario and charge you a lot.

If you can't keep up with the records, then you should assume the basis is $0 and pay taxes on the whole sale as profit.

Then people would take the time to track it.
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us