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Author: stockmover Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121333  
Subject: Stock confirmations needed for the IRS? Date: 7/15/2011 2:36 AM
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Since the beginning of Jan 1st 2011 all brokers are required to keep track of the cost basis for stocks purchased after 1/1/11. Is it really necessary to keep physical copies of trade confirmations for taxable brokerage accounts in case of an IRS audit? Or will the IRS accept the year-end copy of a broker provided realized gain/loss statement?

I do realize I can go back up to ten years at my broker to obtain trade confirmations but was curious about accumulating documentation I really don't need for IRS audit purposes. Thanks

Rich
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