[Christopher]

I’m a couple months into focusing on learning about investments/retirement planning and realizing I can and should have been managing my own assets.

My short term plan is to get all my retirement accounts and taxable brokerage accounts from EJ to Fidelity. It appears the majority of my funds through EJ are not available (and I don’t want them anymore) at Fidelity.

My main concern is the taxable brokerage account being a large tax liability when I do the EJ breakup.

Because I was a clueless asset owner of the brokerage account that my dad started for me decades ago, and I’ve moved it around to at least three financial institutions, I have lost cost basis info.

EJ will have the info since moving my brokerage there in 2018 but we were never able to get cost basis info from where it was before that.

My plan is to make a meeting with someone at hello nectarine who specializes in Tax planing. Any other thoughts about my situation?

Maybe talk to Fidelity before my paid nectarine meeting?

[Bill]

The irs is surprisingly forgiving in these sorts of situations. You are allowed to make your best estimate of what you paid by backing into it using the first known value, estimated time of holding, and historical performance.

Eg you know you have $10k moved into EJ. and you were invested for 5 years before that, but you have no records, but can show the market went up 50% in that time, then you can calculate an estimated basis of $6,666.

Just document everything you can and make reasonable assumptions and you should be fine.

[Rick]

Not advice as it’s just what I have done
Best efforts and that can mean pure estimation and then if irs tells/shows me that I am wrong I say ok and pay fee or whatever.

Something like I am fairly certain that I bought ABC fund in Q1 2015.

I would find the fun closing price on jan1 or first business day in 2015.

I would then use that as my cost basis price.

[Author]

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