Message Font: Serif | Sans-Serif
No. of Recommendations: 0
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

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.