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I recovered unclaimed funds from stocks. How do I determine…

Customer Question
I recovered unclaimed funds...

I recovered unclaimed funds from stocks. How do I determine how much tax I need to pay?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

The company was sold, and I lost track of my stock. It showed up in unclaimed funds. I have a record of the amount withheld from my paycheck to buy the stock.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Not that i'm aware of.

Submitted: 1 month ago.Category: Tax
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Answered in 9 minutes by:
3/22/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,736
Experience: Taxes, Immigration, Labor Relations
Verified

The amount reported as your wages for these shares will be your basis.

Also - if you used any after tax money to purchase shares - that amount is added to your basis.

The amount you recovered is your sale price.

So you will report on form 8949 that as deemed sale - assumable long term

(selling price) MINUS (adjusted basis) = gain

That gain will be added to your other taxable income and tax liability will be calculated on your tax return.

Let me know if you need any help with reporting.

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Customer reply replied 1 month ago
OK, I have to go now, so will do this later. Thanks.
Tax Professional: Lev, Tax Advisor replied 1 month ago

Take your time.

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