hi friends,
for those that had vested shares in E-Trade that converted to AVGO.... what do you see for cost basis when you go to sell?
Mine all show an acquisition date of 1/1/1900 and a cost basis of $0... these shares were swapped .252 to 1 for AVGO -- how can my acqusition cost be 0?
I am assuming i need to call etrade, but wondering if someone else has already done so.
What does that have to do with cost basis for filing individual tax purposes when the converted shares are sold?
AFAIK, etrade lumped all the shares from various groups together into one group and all cost basis information is gone.
How can we get a report of our detailed holdings the day before the transaction occurred? In my case I sold everything.
Etrade is sh-t.
I’m happy to calculate it myself! I’ll just list it as the share price the day before the acquisition to minimize taxes. If etrade can’t figure it out, do you think the IRS will?
Do some of your own financial engineering. Worst case, you say; “that is how I thought it works, what do I owe you?”
Have you seen what the rich get away with? Tip a toe in their waters.
Just spoke to someone at etrade and they said not to expect any more information on cost basis. They expect us to calculate this on our own. Not even sure that is legal given that any ESPp shares we held on to fit under the “covered” definition, meaning that brokers have to provide cost basis to the irs when we sell.
Why people are still complaining? The form 8937 has been released already: https://investors.broadcom.com/static-files/7720c4c1-c940-4d9d-800c-66819bfdc7a0
Merger companies have 45 days after the deal close to send instructions to brokers regarding the cost calculations and the prorations. I’ve noticed some of these are running over the deadlines. (Have another deal done with similar wrong cost basis accounting).
Over the 45 days you can file a case complaint with your broker but not much else as far as I know.
Class Action Law Suit!
Hock Tan certainly doesn’t have a problem with e-trade.
Hock Tan sold 8 percent of his holdings at 1090.
Do not wait for cost basis, just exit with profit asap.
Save your hour+ wait time, the post below mirrors my experience. Etrade doesn't have/can't calculate the basis yet. They also don't have a date for when they will be able to, but they are working on it.
Problem is, if you sell now, you're going to get a 1099 with a 0 cost basis on it, which will make your taxes a blast next year. IMHO, if you don't need to sell and/or aren't worried about Broadcom stock falling in the next month, wait until it's fixed, make you life a lot easier next year.
I called ETrade and they said Broadcom stock information team is yet to provide cost basis. Was not interested in playing ping pong between teams and opted to wait till things sort