How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Tyrone J. Taylor Your Own Question
Tyrone J. Taylor
Tyrone J. Taylor, Enrolled Agent
Category: Tax
Satisfied Customers: 52
Experience:  Owner at Taylor Tax and Financial Consulting
93207456
Type Your Tax Question Here...
Tyrone J. Taylor is online now
A new question is answered every 9 seconds

My father worked and in 2015 he sold the stock 500 shares I

Customer Question

my father worked for Verizon and in 2015 he sold the stock 500 shares I need a cost basis he is 87 years old
JA: The Accountant will know how to help. Please tell me more so we can help you best.
Customer: he got stock options but has no paperwork
JA: Is there anything else the Accountant should be aware of?
Customer: no
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.
Submitted: 8 months ago.
Category: Tax
Expert:  Tyrone J. Taylor replied 8 months ago.

Hello,

I am an Enrolled Agent and have 9 years of Tax Preparation and Tax Representation experience. I also am a former Series 7 Stockbroker.

Do you happen to have t any information about how much he had to pay in the documents you have related to the stock option? Or do you have the date the stock option was exercised?

Customer: replied 8 months ago.
No he has nothing
Expert:  Tyrone J. Taylor replied 8 months ago.

Was he granted the shares as an employee of Verizon?

Customer: replied 8 months ago.
No he bought them New England telephone stock in 1978
Expert:  Tyrone J. Taylor replied 8 months ago.

This is going to be difficult. So this was New England telephone stock that was converted to Verizon Stock when Verizon purchased them. Does that sound about right?

Customer: replied 8 months ago.
Expert:  Tyrone J. Taylor replied 8 months ago.

Outside of actual Verizon personnel, I do not know who could help you with this issue. I have found the Verizon Investor information page. You may be able to e-mail them and they might be able to assist you. Basis is, as you may or may not know, the total cost of purchasing the stock. It may be very low and not necessarily have a major affect on your father's capital gain because many stock option grants to employees are usually priced very low.

http://www.verizon.com/about/investors/contact-investor-relations

I hope I have been able to effectively answer your question. If not, please contact me again. If I have, please kindly go ahead and rate my answer. Thank you, ***** ***** a great day.

Expert:  Tyrone J. Taylor replied 8 months ago.

Good afternoon,

I am just checking to see if you had any further questions about your issue. If not, please go ahead and provide a rating to my answer as that is how your question is closed out in my system. Thank you and have a great day.

Related Tax Questions