Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Looks like I'm going to file for an extension, this is way too complicated for me.

I got married in January 1966. My ex-fiance (long story) gave ME (not us) one share of ATT as a wedding gift. I signed up for their DRIP, and I think I sent $50. once to ATT to purchase additional shares sometime in 1966 or 1967. So every quarter my little nest egg grew a little bigger.

Then there was the breakup of ATT in 1986 (?), stock splits, spin-offs, mergers, etc., and I somehow have to determine the cost basis of 200 shares that I sold last year.

I tried to have TurboTax figure it for me, but that didn't work.

Because of activity such as a merger, acquisition, or spin-off related to AT&T INC, you could have been given any one of these investments.

TurboTax gave me s list of 9 stocks to choose from, 3 have the symbol T, the others look like they may have been spinoffs. I tried to one of of the AMERICAN TEL AND TELEG CO stocks, but TurboTax was unable to find any historical data.

So I went back to TurboTax and said I would enter the information. Now I am supposed to enter the fair market value on date of gift, and original owner's cost basis amount. Then I need to enter all of the splits, plus 42 years of reinvested dividends, and who knows what else. They're kidding, right? This was 42 years ago! SO now I have to spend a few weeks digging thru boxes of old stuff, and hope that maybe I might have some historical information buried away somewhere.

Now assuming I have all that data, which is not likely, since we have moved multiple times in 42 years, I could end up spending a small fortune to have some accountant figure out my capital gains.

Do I have any other options? I'm getting a stomach-ache thinking about all those small amounts of stocks in all those companies (Bell South, Lucent, Avaya, Comcast, and who knows what else) that I have accumulated. Maybe I'll just file my return tomorrow without including this sale of stock, and write to the IRS and ask them to send me a bill for the capital gains on a sale of 200 shares that netted $7309.

I'm also getting a headache, because I just realized I have less than 24 hours to get this done. I'm giving up and going to bed.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.