Get the free COST BASIS ELECTION FORM - grandeurpeakglobalcom

Dec 16, 2013 ... Grandeur Peak Global Advisors is a small and micro cap focused global equities' investment firm.

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 relevant financial institution or brokerage firm. This form may also be available on their website.
2. Provide your personal information, including your name, address, social security number, and account number, where applicable.
3. Indicate the specific securities or investments for which you are making the cost basis election. This could include stocks, bonds, mutual funds, or other financial instruments.
4. Specify the cost basis method you wish to elect. Common methods include First In, First Out (FIFO), Last In, First Out (LIFO), specific identification, average cost, or other permitted methods.
5. If you have any additional instructions or special considerations regarding the cost basis election, provide them in the designated section of the form.
6. Review the completed form for accuracy and completeness. Ensure that all required fields are filled out and that your information is correct.
7. Sign and date the form. Some forms may require a witness or notary signature, depending on the financial institution's requirements.
8. Make a copy of the completed form for your records before submitting it to the financial institution. Retain a copy of the submitted form as proof of your cost basis election.

Who needs cost basis election form:

1. Investors who have multiple securities or investments held within the same account may need a cost basis election form. This form allows them to choose a specific method for calculating the cost basis for tax purposes.
2. Individuals who want more control over their tax obligations and potential capital gains or losses may choose to submit a cost basis election form.
3. Financial institutions and brokerage firms may require the completion of a cost basis election form to ensure accurate record-keeping and compliance with tax regulations.

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What is cost basis election form?

The cost basis election form is a document used to specify the method by which an investor chooses to calculate the cost basis of their investments for tax purposes.

Who is required to file cost basis election form?

Investors who wish to select a cost basis calculation method other than the default method specified by the IRS are required to file the cost basis election form.

How to fill out cost basis election form?

The cost basis election form typically requires the investor to specify the alternative method of cost basis calculation they wish to use, provide relevant details about their investments, and sign the form.

What is the purpose of cost basis election form?

The purpose of the cost basis election form is to allow investors to choose the most beneficial method of calculating the cost basis of their investments for tax purposes.

What information must be reported on cost basis election form?

The cost basis election form typically requires information such as the investor's name, Social Security number, details of the investments for which the election is being made, and the chosen cost basis calculation method.