Stocks/cost basis

[BNB]

So I have inhereted and been given stock. As I understand it, when filing for tax returns you have to report the cost basis of when it was originally purchased, as opposed to when you recieved it. Is that correct? If so, how do you determine when the original person bought the stock?

Thanks,
BNB

 

[YChang]

don't you have any type of statements of when the stocks were purchased?

 

[CleverNickname]

There are these thick books somewhere at the law school with really tiny type where you can look up stock prices (and subsequent splits) dating back to the turn of the last century. I'm not kidding.

 

[twid]

i have to call my broker, they print out a report for me that says when things were purchased and for how much.

 

[zork]

caveat emptor, but, from the turbotax website:

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[TxEx2x]

Yeah... I just hope that it's worth more than $8... I got part of a share of stock as 'profit sharing' at one of my jobs about 10 years ago... They finally did an 'odd lots' buy back and sent me a check for the stock (commission free.) Having to fill out a schedule D (and figure Capital Gains) for such a small amount was really frustrating and a huge waste of time. Wish I could have just sent the money back...