UnThreaded | Threaded | Whole Thread (8) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: blesto Big red star, 1000 posts Global Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 27823  
Subject: Re: DRIPs and taxes Date: 6/21/2012 10:44 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
Is there any option to say, gift a full position of $10,000 or less established by DRIPping to my child and get out of having to do the work of finding the cost basis?

Ah ha! That's where a certified Tax expert can help. That may be a possibilty. Here's a good article.
http://www.schwab.com/public/schwab/resource_center/expert_i...

Unfortunately I did not keep good records for OKE which changed from ComputerShare to Wells Fargo so no clue how I'm going to handle the sale when I'm ready.

Have you contacted Wells Fargo? They should have some sort of record and advice. Do that first.
The IRS runs into this problem more than we realize. There's always a way. You can contact the IRS and talk with someone personally, or a Tax Advocate. You need to find someone who knows the rules.
http://www.irs.gov/advocate/index.html
&
http://www.irs.gov/advocate/content/0,,id=150972,00.html

Just going through a few of the current rules can be daunting.
http://www.irs.gov/irb/2010-47_IRB/ar08.html#d0e391
&
http://www.irs.gov/irb/2010-05_IRB/ar09.html#d0e2768

IMHO and that's what it is; my opinion is, when you find the right forms and fill them out proper with all available info it'll be all Okay.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (8) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
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.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! 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.
Advertisement