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My 92 year old mother bought some stock 30 years ago and

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just sold it this year...
My 92 year old mother bought some stock 30 years ago and just sold it this year. She sold 292 shares for a total of $16,000. She has no idea what she paid for it. How does she figure out Capitol Gains.
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Customer: Isn't there some rule about age in having to file income taxes.
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Submitted: 1 year ago.Category: Tax
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3/14/2016
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago
PDtax
PDtax, Certified Public Accountant (CPA)
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Satisfied Customers: 4,711
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago

Publicly traded shares can be tracked now more easily than ever before. We used to use a printed service to track historical stock prices and stock dividends/ stock splits. Now you can look at Yahoo Finance for historical stock pricing.

I took the liberty of trying it with Microsoft, and this is the link I used: http://finance.yahoo.com/q/hp?s=MSFT

Use that link, type in the symbol, and take an average of the stock price for the year. If it traded from $10 to $16 in 1985, I would use $13 as an estimate of share basis.

If dividends were reinvested, buying more shares, recent statements might mention those purchases. Stock splits or dividends will also be part of the Yahoo history pages.

In the event this is unwieldy or unsatisfactory, I typically estimate the shares were ____% of the sale price. Given the long holding period, I might go with 20-25% of the sale price as a cost estimate.

Thanks for asking at Just Answer. Positive feedback is appreciated. I'm PDtax.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago
Hi again. PDtax here.If my response meet your needs, please rate my assistance when you accept my answer. I'm PDtax.
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