I have a spin-off stock I want to get out of my portfolio. This is a small holding worth about $1000. Original stock had dividend reinvestment and I have had it for 20 years. The main problem is I have no idea how to calculate the cost basis of all the additional shares purchased through dividend reinvestment. I have the paperwork but I would have to go back through 80 quarters.
I would guess the cost is about $200-$400. Can I simply use a cost basis of 0? Using a cost basis of 0, would actually benefit the IRS, so I dont think they should have a problem with it. If I used a cost basis of 0 could I then deduct a loss against the capital gain?
Thanks
I would guess the cost is about $200-$400. Can I simply use a cost basis of 0? Using a cost basis of 0, would actually benefit the IRS, so I dont think they should have a problem with it. If I used a cost basis of 0 could I then deduct a loss against the capital gain?
Thanks