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Cost Basis Election Form Prudential Mutual Fund Services LLC (PMS)Instructions assistance: Clients (800) 2251852 Price Financial Professionals (800) 5427117 Financial Professionals (888) 7785471Use

How to fill out cost basis election form

How to fill out cost basis election form

1. To fill out the cost basis election form, follow these steps: 1. Obtain the cost basis election form from your financial institution or download it from their website.
2. Fill in your personal information, including your name, address, and social security number.
3. Indicate the type of security for which you are making the cost basis election.
4. Provide the relevant tax year and transaction details, including the purchase and sale dates, number of shares or units, and the purchase and sale prices.
5. Calculate the cost basis using the chosen method (e.g., Average Cost, First-In-First-Out, Specific Identification).
6. Sign and date the form.
7. Submit the completed form to your financial institution as instructed.
8. Keep a copy of the form for your records.

Who needs cost basis election form?

1. Individuals who have purchased and sold securities or investment assets, such as stocks, bonds, mutual funds, or real estate properties, may need to fill out the cost basis election form.
2. This form allows individuals to choose their preferred method for calculating the cost basis of these assets, which is important for determining capital gains or losses for tax reporting purposes.
3. It is advisable for anyone involved in such transactions to consult with a tax advisor or accountant to determine if they need to fill out the cost basis election form.

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What is cost basis election form?

The cost basis election form is a document that allows an investor 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 are required to 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 necessary information about the investments and specifying the 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 have control over how the cost basis of their investments is determined, which can impact their tax liabilities.

What information must be reported on cost basis election form?

The cost basis election form typically requires information about the investments, including the purchase price, date of purchase, and any adjustments to the cost basis.