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COST BASIS ELECTION FORM DRIVEN BY RESEARCH The cost basis of covered shares, generally shares acquired on or after January 1, 2012, is determined using the funds default method, unless you elect

How to fill out cost basis election form

How to Fill Out Cost Basis Election Form:

1. Obtain the cost basis election form from the appropriate financial institution or tax authority. This form is typically required for taxpayers who have acquired stocks or other investments that may be subject to capital gains tax.
2. Start by providing your personal information on the form, including your full name, address, and Social Security number or taxpayer identification number. This information is necessary for accurate identification and reporting of your investments.
3. Identify the specific securities or investments for which you are making the cost basis election. You will typically need to provide the ticker symbol or other identification details for each security. If you are making the election for multiple securities, make sure to list them clearly and accurately.
4. Determine the cost basis method you wish to elect. Common cost basis methods include average cost, first-in-first-out (FIFO), and specific identification. Consult with a tax professional or refer to the instructions provided with the form to understand the implications and requirements of each method.
5. Indicate your chosen cost basis method on the form by checking the appropriate box or providing the necessary information as instructed. Make sure to double-check your selection to ensure accuracy.
6. Provide any additional information or documentation as required by the form or instructions. This may include supporting documents or explanations related to specific investments, transactions, or circumstances. Be thorough and provide all necessary information to avoid any potential issues or delays.
7. Review the completed form for accuracy and completeness. Ensure that all required fields have been properly filled out and that your information is correct. Mistakes or omissions may lead to erroneous reporting or delays in processing your request.
8. Sign and date the form to certify its accuracy and acknowledge your consent to the cost basis election. Failure to sign the form may render it invalid or result in the rejection of your request.

Who Needs Cost Basis Election Form:

1. Investors who have acquired stocks or other investments that may be subject to capital gains tax need the cost basis election form. This ensures accurate reporting and calculation of the taxes owed on the investments when they are sold.
2. Individuals who wish to choose a specific cost basis method for reporting their investments may also need to complete the cost basis election form. This allows them to tailor their tax reporting to align with their investment strategies and goals.
3. Taxpayers who have bought or sold securities with different cost basis methods may require the cost basis election form to clarify and specify the desired method for each investment. This helps streamline the tax reporting process and prevents any confusion or errors.

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