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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 27818  
Subject: Re: DRIPs and taxes Date: 6/21/2012 10:44 PM
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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.
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