Cost Basis Reliable?

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Topic Author
RustyJ
Posts: 2
Joined: Tue Sep 15, 2020 8:26 am

Cost Basis Reliable?

Post by RustyJ »

I transferred a bunch of funds from Edward Jones into Vanguard last year and would like to consolidate everything into a 3 fund portfolio. I’m currently showing a loss in those accounts according to the vanguard cost basis, but was wondering how much you all trusted that figure? The few that I’ve been able to sanity check appear reasonably accurate, but I don’t want a unexpected tax nightmare next year. Any advice?
Gill
Posts: 6588
Joined: Sun Mar 04, 2007 8:38 pm
Location: Florida

Re: Cost Basis Reliable?

Post by Gill »

What was the basis of the funds at Edward Jones? Can't you track that into the Vanguard account? There shouldn't be any change.
Gill
Cost basis is redundant. One has a basis in an investment | One advises and gives advice | One should follow the principle of investing one's principal
Topic Author
RustyJ
Posts: 2
Joined: Tue Sep 15, 2020 8:26 am

Re: Cost Basis Reliable?

Post by RustyJ »

Gill wrote: Tue Sep 15, 2020 9:40 am What was the basis of the funds at Edward Jones? Can't you track that into the Vanguard account? There shouldn't be any change.
Gill
They wiped my account and I didn’t download any of the documents. I can haggle with the office and get what I need probably, but not a preferable way to spend an afternoon.
dbr
Posts: 33688
Joined: Sun Mar 04, 2007 9:50 am

Re: Cost Basis Reliable?

Post by dbr »

Are these covered shares? http://usfunds.com/investing-with-us/fa ... ed-shares/

If they are then when you sell Vanguard will report the data they have to the IRS. If that data were wrong you would have a time getting it changed. In that sense you are good to go.

Did EJ send you any purchase confirmations when you bought the shares. Those would still be in your email?
PaunchyPirate
Posts: 237
Joined: Sun Nov 30, 2014 7:58 pm

Re: Cost Basis Reliable?

Post by PaunchyPirate »

Unfortunately, you now know you should never initiate a transfer from one broker to the other without having first downloaded and printed all the tax-related details you might need in the future from the current brokerage.

After I moved holdings from TD Ameritrade, I found that the cost basis information moved over to Vanguard with 100% accuracy. I had downloaded/printed everything from Ameritrade and had it to compare at Vanguard. It did not immediately show up in Vanguard's website. But within a week or so it was all there and accurate. Whether that will also happen from your transfer, I cannot tell you.

Did you download or print out monthly statements from Ed Jones (or have originals mailed to you) that you can reconstruct the basis details? That would be about your only option short of calling Ed Jones for the information.
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