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Dear Tax Talk,
A $5,000 investment in a mutual fund goes down in value over a year or two to $3,000. At this time the mutual fund company realizes this fund is tanking. They send a letter that fund ABC will be rolled into fund XYZ next month. Two years later I sell the fund at $4,000. (Let's assume no interest or dividends reinvested.)
I consider my original $5,000 investment went down to $4,000, so I lost $1,000 and want to show $1,000 loss on income taxes. The mutual fund monthly statement shows I made $1,000 profit because they are showing the value when they realized they had bad fund performance and tossed my investment, now down to $3,000, into their other (hopefully better) fund. I think they will put a $1,000 gain on my 1099 at end of 2004. Can I have them edit their monthly statement to show I invested $5,000 so a $1,000 tax loss shows up on 1099? Thank you.
-- Charlene
Dear Charlene,
Hold your horses. What makes you think the broker reports your gain on the mutual fund to the Internal Revenue Service?
The broker only reports the selling price of the mutual fund. You have to figure your cost and report it on Schedule D together with the selling price reported by the broker, the date acquired and the date sold.
Since there can be so many variables in your cost basis it is difficult for brokers to know your actual cost and therefore impractical to report it to the IRS. Certain brokers will include a statement of gains and losses together with your Form 1099-B, but these pages are for your information only and are not reported to the IRS.
If you get such information from your mutual fund broker you are not bound by it if you have other proof that shows a different cost.
