What is the name of your state? New Mexico
My wife's aunt opened UTMA accounts for all my kids years ago. This year, she sold some funds. She does not even know the term "basis", and I have been unable to get consistent data as she tries to go through her shoebox. I have little hope of getting reasonable basis info on the funds, let alone any documentation of the basis.
She did indicate that the funds had "lost a lot of money"
Her broker is new, and the brokerage account has passed through three companies, so the current company does not have any basis information. She is not even certain of the year the funds were purchased.
This is certainly a problem with UTMA accounts. The custodian is not responsible for taxes, but the parents rarely are privey to the account detailed info (quarterly statements for years back)
What can I do to complete teh tax information needed?
Thanks
My wife's aunt opened UTMA accounts for all my kids years ago. This year, she sold some funds. She does not even know the term "basis", and I have been unable to get consistent data as she tries to go through her shoebox. I have little hope of getting reasonable basis info on the funds, let alone any documentation of the basis.
She did indicate that the funds had "lost a lot of money"
Her broker is new, and the brokerage account has passed through three companies, so the current company does not have any basis information. She is not even certain of the year the funds were purchased.
This is certainly a problem with UTMA accounts. The custodian is not responsible for taxes, but the parents rarely are privey to the account detailed info (quarterly statements for years back)
What can I do to complete teh tax information needed?
Thanks