Get the free COST BASIS ELECTION FORM - Oak Associates Funds

COST BASIS ELECTION FORM The cost basis of covered shares, generally shares acquired on or after January 1, 2012, is determined using the fund s default method, unless you elect another method. The

How to fill out cost basis election form

How to fill out cost basis election form:

1. Obtain the cost basis election form from your financial institution or download it from their website.
2. Start by filling out the top section of the form, which typically includes your personal information such as name, address, and Social Security number.
3. Look for the section that asks for the specific securities for which you want to make the cost basis election. Provide the necessary details such as the name of the security, the date of purchase, and the cost or price at which you acquired it.
4. Some forms may require you to indicate the method you are electing for cost basis, such as specific identification or average cost. Choose the appropriate method based on your preferences or consult with a tax professional for guidance.
5. Check if the form requires you to sign and date it. If so, make sure to do so before submitting it.
6. Once you have completed all the required fields, review the form for accuracy and make any necessary corrections or additions.
7. Keep a copy of the filled-out form for your records and submit the original to your financial institution as instructed.

Who needs cost basis election form?

1. Investors who have multiple tax lots or investments in the same security with different purchase dates and prices may need to fill out a cost basis election form.
2. Individuals who prefer to use a specific identification or average cost method for calculating their capital gains or losses may also be required to submit this form.
3. Some financial institutions or brokerage firms may require all their clients to fill out the cost basis election form as part of their record-keeping and compliance procedures.
4. It is recommended to consult with a tax advisor or financial professional to determine if you need to fill out a cost basis election form based on your specific investment circumstances and tax strategy.

For pdfFiller’s FAQs

What is cost basis election form?

The cost basis election form is a document used by investors to choose how the cost basis of their investments will be calculated for tax purposes.

Who is required to file cost basis election form?

Investors who want to specify how the cost basis of their investments will be calculated must file the cost basis election form.

How to fill out cost basis election form?

The cost basis election form can be filled out by providing the required information such as the investor's name, account number, and the chosen method for calculating the cost basis.

What is the purpose of cost basis election form?

The purpose of the cost basis election form is to allow investors to select how the cost basis of their investments will be determined, which can have an impact on their tax liability.

What information must be reported on cost basis election form?

The cost basis election form typically requires the investor to specify whether they want to use the FIFO (first-in, first-out) or specific identification method for calculating the cost basis.

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