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What is cost basis election form

The Cost Basis Election Form is a tax document used by mutual fund account owners to elect or change their cost basis method for shares purchased after January 1, 2012.

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Who needs cost basis election form?

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Cost basis election form is needed by:

Mutual fund account owners wanting to change their cost basis method.
Tax professionals advising clients on cost basis reporting.
Investors preparing to sell or exchange mutual fund shares.
Financial advisors managing client investment accounts.
Individuals preparing IRS Form 1099-B for reporting capital gains.

Comprehensive Guide to cost basis election form

What is the Cost Basis Election Form?

The Cost Basis Election Form is essential for mutual fund account owners who wish to elect or change their cost basis method specifically for shares purchased after January 1, 2012. This IRS cost basis form ensures accurate tracking of gains or losses during sales or exchanges. By completing this form, investors comply with significant IRS regulations that influence tax obligations.

Purpose and Benefits of the Cost Basis Election Form

Electing or changing the cost basis method is crucial for effective tax management. It facilitates accurate assessment of investment gains or losses, promoting transparency in financial reporting. Utilizing this tax election form improves financial strategy, allowing investors to navigate their tax responsibilities effortlessly while ensuring they do not overpay due to misunderstood calculations.

Key Features of the Cost Basis Election Form

This form includes several essential fillable fields, such as:

Account Owner(s) / Entity Name
U.S. Social Security / Tax Identification Number
Address
Daytime Telephone Number
City, State, ZIP Code
Account Number(s)

Additionally, users can select from various compliance-driven cost basis methods. This document adheres strictly to IRS cost basis reporting obligations, ensuring that mutual fund tax elections are correctly documented.

Who Needs the Cost Basis Election Form?

Mutual fund account owners and investors are the primary users of the Cost Basis Election Form. Eligibility for using this form is granted to those who have made mutual fund purchases post-January 1, 2012, rendering it vital for accurate tax reporting.

How to Fill Out the Cost Basis Election Form Online (Step-by-Step)

Completing the Cost Basis Election Form online involves several crucial steps:

Gather essential information, including personal identification and fund account details.
Access the form on a reliable PDF editing platform.
Fill in the required fields with accurate data.
Choose the appropriate cost basis method applicable to your situation.
Review the form thoroughly for any potential errors.
Submit the form via your chosen method.

Before filling out the form, ensure you have all necessary information readily available to streamline the process.

Common Errors and How to Avoid Them

Common mistakes on the Cost Basis Election Form may include:

Inaccurate Social Security or Tax Identification Numbers
Missing signatures or authorization
Incorrect selection of cost basis methods

To avoid errors, validate all information before submission and consider a peer review to ensure accuracy.

How to Submit the Cost Basis Election Form

Submission methods for the Cost Basis Election Form include faxing or mailing it to Virtus Investment Partners. For successful delivery, adhere to these best practices:

Double-check the recipient's fax number or mailing address.
Use a secure method to send the form to protect sensitive information.

Promptly follow up to confirm receipt of your submission.

After Submission: What Happens Next?

After submitting the Cost Basis Election Form, you can expect the following:

Confirmation of receipt from Virtus Investment Partners.
Tracking options for your submission status.
A potential request for further information if necessary.

Being aware of these outcomes helps in managing expectations effectively.

Security and Compliance in Handling the Cost Basis Election Form

pdfFiller ensures document security through advanced features such as 256-bit encryption. The platform maintains compliance with regulations including HIPAA and GDPR, safeguarding your privacy and sensitive data while utilizing the IRS cost basis reporting system.

Optimize Your Filing Process with pdfFiller

pdfFiller can significantly streamline your form-filling process. With capabilities such as eSigning and document management, users can efficiently navigate their filing responsibilities. By leveraging pdfFiller, mutual fund account owners can achieve a seamless experience when handling the Cost Basis Election Form.

Last updated on Apr 10, 2026

How to fill out the cost basis election form

1.

Access the Cost Basis Election Form on pdfFiller by searching for the document or navigating through the available tax forms.
2.

Open the form and examine the multiple fillable fields, including your account information and cost basis method selection.
3.

Before you start filling out the form, gather your account details, including your U.S. Social Security or Tax Identification Number and your mutual fund account numbers.
4.

Fill in the 'Account Owner(s) / Entity Name' field with the correct name as it appears on your investment records.
5.

Enter your U.S. Social Security or Tax Identification Number accurately to ensure proper tax identification.
6.

Complete the 'Address', 'Daytime Telephone Number', and 'City, State, ZIP Code' sections with your current contact information.
7.

Select your preferred cost basis method by checking the corresponding box for the methods offered in the document.
8.

After completing all fields, review the form for accuracy, ensuring all information is correct and complete.
9.

Finalize the form by signing where indicated, certifying your authorization to make this tax election.
10.

Save your completed form on pdfFiller by clicking the 'Save' button and selecting your preferred file format.
11.

To download your form, click the 'Download' button and choose the desired output format.
12.

You can submit the form via fax or mail to Virtus Investment Partners, following the instructions provided on the form.

FAQs

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Who is eligible to use the Cost Basis Election Form?

The Cost Basis Election Form is intended for mutual fund account owners who wish to elect or change their cost basis method for shares acquired after January 1, 2012.

What is the deadline for submitting the Cost Basis Election Form?

While specific deadlines may vary, it is recommended to submit the Cost Basis Election Form well before tax season to ensure compliance with IRS regulations and proper processing of your tax documents.

How can I submit the Cost Basis Election Form?

You can submit the Cost Basis Election Form by fax or mailing it to Virtus Investment Partners. Ensure you send it to the correct address provided on the form.

What supporting documents are required with this form?

Typically, no additional supporting documents are required with the Cost Basis Election Form. However, ensure all account information is accurate and complete to avoid processing delays.

What common mistakes should I avoid when filling out the form?

Common mistakes include entering incorrect tax identification numbers, failing to sign the form, and not selecting a cost basis method. Double-check all fields for accuracy before submission.

How long will it take to process my Cost Basis Election Form?

Processing times can vary, but you should allow several weeks for your Cost Basis Election Form to be processed once submitted. Check with Virtus Investment Partners for specific timelines.