No. of Recommendations: 24
During the year, the symbol for one of my Nuveen CEFs changed, when the old, small fund was combined with another and rolled into a new fund with a similar, but different symbol.

Shortly thereafter, I liquidated the position.

My online broker was showing that the open date for that position was "unknown," with a long-term gain of over $13,000, representing the sale price of the entire position.

I called them this morning and reminded them of the original symbol and the year of acquisition.

They went through their records and made corrections, and now it's showing up correctly - as a long-term capital gain of $3,200.

I wouldn't want to pay taxes on $10K of capital gains caused by their oversight in not accounting for the symbol change and carrying over the information from the original buy.

I imagine that this kind of thing can also happen with stock splits, reverse splits and inherited shares with a stepped-up basis.

For what it's worth, I suggest that folks take a look at their brokerage accounts and make sure the historical acquisition data is correct, so they don't report it incorrectly to the IRS.

As cap gains rates go up, this sort of thing can become more important in the future.
Print the post Back To Top
No. of Recommendations: 3
change your broker!!!!

Print the post Back To Top
No. of Recommendations: 1
I do check my gain and loss after a few sells and verify it is correct. Any time I find a problem a quick email to TD Ameritrade and it is fixed right away. I learned long time ago to check all numbers regardless of who has your account.
Print the post Back To Top