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IRS regulations require that we report cost basis on mutual fund shares purchased after January 1, 2012 and subsequently redeemed. To elect or change your cost basis method(s) please complete this
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How to fill out cost basis election change
How to fill out cost basis election change
01
Gather all necessary financial documents relating to your securities.
02
Determine the current cost basis method you are using.
03
Choose the new cost basis method you wish to adopt (e.g., specific identification, average cost).
04
Complete the necessary form (usually Form 8949 or a specific brokerage form) to indicate your cost basis election change.
05
Submit the completed form to your broker or financial institution.
06
Keep a copy of the submitted form for your records.
07
Verify with your broker that the change has been processed correctly.
Who needs cost basis election change?
01
Investors who wish to change the way they calculate their cost basis for tax reporting purposes.
02
Taxpayers who have sold securities and need to adjust their reported gains or losses.
03
Individuals who utilize different methods for varying sets of securities.
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What is cost basis election change?
Cost basis election change refers to the process by which a taxpayer may choose a different method of determining the cost basis of an asset for tax purposes, which can affect the capital gains or losses reported on tax returns.
Who is required to file cost basis election change?
Taxpayers who wish to change their method of determining the cost basis of their assets must file a cost basis election change.
How to fill out cost basis election change?
To fill out a cost basis election change, taxpayers should complete the appropriate IRS form and include specific information such as the asset details, the current and elected cost basis method, and the taxable year of the change.
What is the purpose of cost basis election change?
The purpose of cost basis election change is to allow taxpayers flexibility in how they calculate the gain or loss from the sale of an asset, which can potentially lead to more favorable tax treatment.
What information must be reported on cost basis election change?
The information that must be reported includes the type of asset, the existing cost basis method, the new cost basis method being elected, and any relevant dates or details pertaining to the change.
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