Message Font: Serif | Sans-Serif
No. of Recommendations: 1
<<I do have a copy of the confirmation statement, but I don't understand why brokers who perform the transaction aren't required to maintain accurate data in the statements they provide to their clients.>>

I'm not sure that I quite understand what you're driving at. Do you mean that if you bought a stock at ML 20 years ago, ML should still have a confirmation of that transaction? I suppose that would be nice if they did, but I don't believe they have the legal obligation to maintain records that long. Could you imagine their record retention issues? I'm sure that if there is some legal requirement, one of the attorney folk that visit here regularly will let us know.

<<This is some eye opener if that's the case! ML simply has listed NA for the purchase info not only for MCI but two other securities purchases and has no intention of correcting the information unless I make it available to them.>>

Again, I can't speak about ML specifically. I'm not too familar with full service brokers since I haven't done business with them directly for a number of years. I know that some of my clients brokers provide "cost" information on their annual reports. But I don't know what ML does.

<<I don't think it is my responsibility to straighten out their reports after all the $$ I've forked over for their complete financial services for 17 years. Please tell me it isn't so. (Sorry I can't seem to do the copy paste move to make this easier to follow).>>

If you have a copy of the confirmation (which you should have and which you say you do have), the problem is solved. It's YOUR responsibility to retain those documents for tax purposes. Nobody else has that responsibility. As far as what ML does and doesn't do, you'll have to take it up with them.

TMF Taxes
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.