I have two accounts that I invested in over several years and then let sit. They're Joint Tenency accounts held with my ex, whose decided he wants his cut. I'll be closing the accounts and selling the contents in the next month. There are no problems with that.
One is a DRIP/DSP stock account. The other is an index mutual fund. Neither has had an actual cash infusion for some time (at least 3 years). Both have had their dividends/returns automatically reinvested each quarter/year.
I want to try to plan ahead for tax time and filling out my taxes. I don't have paper statements for either account, but each transaction has been entered into Quicken (presently 2007 Premier). When it comes time to report these sales on my taxes, I know I need to provide the purchase price of each share, as well as the selling price, based on the age (are they long term holdings or short term holdings, etc).
My question is this: Do I provide the cost basis as one number (ie: all the purchase prices on the LT shares added together) and the selling price as another (ie: all the selling prices added together), or do I provide an itemized report of all transactions.
Would this be the year to buy Turbo Tax, so that it can just import the info from Quicken?
Gwen
-- Gwen Morse mailto: snipped-for-privacy@yahoo.com =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- "Love is a snowmobile racing across the tundra and then suddenly it flips over, pinning you underneath. At night, the ice weasels come." -- Matt Groening