Any tax accountants here? My question re "cost basis" of the old GM stock.

[CTyankee]

I inherited some GM preferred stock from my mother on 4/26/05 (her date of death) and sold off some last year (probably due to speculation altho I don't see a reason to buy it!) so I need the "cost basis" but since that GM is bankrupt and was delisted, I am finding it hard to locate. Obviously, my transaction was a "taxable event" so it must be included on my tax return.

Any ideas of where I could look? This is driving me crazy...

[dawg]

1. Yahoo Finance or the Motley Fool

Both have good historical quote features, once you figure out how to use them. But with stock de-listed, IDK.

[Yavin4]

2. I Wouldn't Ask DU Loungers for Tax Advice

Cat advice? Hells yeah.

Tax advice? Hells no.

[CTyankee]

3. I thought if I asked in GD the mods would throw it into the Lounge. My bad, I guess.

[LucySky]

4. Here you go.

http://www.costbasis.com/stocks/iinheritedit.html

[CTyankee]

5. Thanks. I'll give it to my tax guy...looks pretty straighforward.

Do you think it is OK for delisted stock?

[elleng]

6. There's Seniors and Economy, but looks like you got a good one here.

P.S., pouring here, hope I can get to atty tomorrow (postponed) and $ xchange!
:hi:

[CTyankee]

10. thanks, ellen. We'll ge thru this somehow, I guess....

[LucySky]

7. The above web site gives you a look into the tax laws EDITED TO ADD LINK

but the actual value determination is not as straight-forward as common stock because preferred stock has both debt and equity characteristics. the tough issue here is not whether it was de-listed or not (even de-listed stock has a cost basis), but rather, the value of the stock at the time you took possession.

if your tax guy is not a cpa, i would recommend consulting one. this type of analysis does not lend itself well to an anonymous online discussion.

http://www.ehow.com/how_4962482_calculate-price-preferred-stock.html

[CTyankee]

8. Yeah, he's a CPA and he asked ME to investigate it. Clearly, he didn't want to do it!

I am disappointed. My tax guy charges us an arm and an leg for our taxes, so I expect more, but....

well, we'll see....

[CTyankee]

9. Yes, I understnad this, but the stock is valued on the day of my mother's death.....

All I want is the value of the stock on the day of my mother's death! How do we get to that?

[LucySky]

11. i suspect that your NEW cpa

you are going to get a NEW cpa, right?...i suspect that your NEW cpa will look at the value assigned on the estate tax return in 2005, and then divide that value by the number of shares to get a value per share. i suspect that your NEW and IMPROVED cpa will then compare that cost basis to your sell price per share after broker's commissions to determine your gain or loss on the sale.

but i am not telling you this...your NEW cpa is.

seriously, please get a cpa who does his/her job.