Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 0
hi all,

background: i live abroad, and participate in my employer's espp through my foreign bank. recently, banks in our country (israel) started reporting to the irs, so for the first time this year i received a 1099-div from this bank.

on the statement i recently received from my bank (not the 1099-div), the cost basis of the stock is way off - it is too low by a factor of 100. i've reported this, but they work very slowly - it could be months or years before they sort it out.

now to my question: if i sell stock (i have only ever bought), does the bank report the cost basis on some form to the irs? if so, then it seems that i shouldn't sell before i get the bank's records corrected - is this right? or is it ok to claim the correct basis on my returns if i know i am right (i have the documentation to prove it).

thanks in advance for your help,

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.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.