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COST BASIS ELECTION FORM 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 another method. The

How to fill out cost basis belection formb

How to fill out cost basis election form?

1. Obtain the form: The cost basis election form can typically be obtained from your financial institution or brokerage firm. You may also find it on their website or request a physical copy.
2. Read the instructions: Before filling out the form, carefully read the instructions provided. This will ensure that you understand the requirements and provide accurate information.
3. Personal information: Begin by filling out your personal information accurately. This may include your name, address, social security number, and account number.
4. Choose your cost basis method: The form will require you to specify your preferred cost basis method. You may have options such as average cost, specific identification, or first-in, first-out (FIFO). Select the method that aligns with your investment strategy.
5. Provide supporting documentation: Depending on the method chosen, you may need to attach supporting documentation. For example, if you opt for the specific identification method, you may need to provide a list of the specific shares you're choosing to use for cost basis.
6. Signature and date: Once you have completed the form, ensure that you sign and date it. Your signature verifies the accuracy of the information provided.

Who needs cost basis election form?

1. Investors selling stocks: Anyone who sells stocks or other investments is required to report the cost basis of those assets. Thus, individuals who engage in investment activities may need to fill out a cost basis election form.
2. Financial institutions: Financial institutions, such as brokerage firms or banks, may require their clients to fill out a cost basis election form to ensure accurate reporting of investment transactions.
3. Tax filers: Tax filers who have sold investments during the tax year may need to fill out a cost basis election form to correctly report the capital gains or losses associated with those investments.

Remember, it is always recommended to consult with a tax professional or financial advisor for specific guidance tailored to your unique situation.

For pdfFiller’s FAQs

What is cost basis election form?

Cost basis election form is a form used to declare the method by which the cost basis of an asset will be calculated for tax purposes.

Who is required to file cost basis election form?

Individuals or entities who have acquired assets and need to determine the cost basis for tax purposes are required to file a cost basis election form.

How to fill out cost basis election form?

To fill out a cost basis election form, you will need to provide information about the asset, the method of calculating the cost basis, and any other relevant details requested on the form.

What is the purpose of cost basis election form?

The purpose of the cost basis election form is to establish a consistent method for calculating the cost basis of assets for tax reporting purposes.

What information must be reported on cost basis election form?

The cost basis election form typically requires information such as the description of the asset, the date of acquisition, the cost of the asset, and the method used to calculate the cost basis.

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