S
stonecreek
I've read much about cost basis in this group and on the web
and it's pretty confusing to me for my situation. Years ago
AT&T gave employees 1 share of stock for every $10K (I
think) of salary they made. After a few years, I asked for
a distribution and was given 100 shares of stock which I
still own. Since then after the spin-off of some of its
entities such as Comcast, we were given X amount of Comcast
stock for each share of AT&T that we owned. If I sold the
Comcast stock for X amount, how do I figure the cost basis
from the original AT&T stock. I am being told that the fact
that I didn't buy the AT&T stock, it was just given to me,
that I have to declare all of the proceeds from the sale of
the Comcast stock. Not sure if this is right. I've also
been told that I could pretty much declare anything because
the IRS wouldn't be able to figure it out either. Just want
to do what is right.
thanks
and it's pretty confusing to me for my situation. Years ago
AT&T gave employees 1 share of stock for every $10K (I
think) of salary they made. After a few years, I asked for
a distribution and was given 100 shares of stock which I
still own. Since then after the spin-off of some of its
entities such as Comcast, we were given X amount of Comcast
stock for each share of AT&T that we owned. If I sold the
Comcast stock for X amount, how do I figure the cost basis
from the original AT&T stock. I am being told that the fact
that I didn't buy the AT&T stock, it was just given to me,
that I have to declare all of the proceeds from the sale of
the Comcast stock. Not sure if this is right. I've also
been told that I could pretty much declare anything because
the IRS wouldn't be able to figure it out either. Just want
to do what is right.
thanks