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I have a limited liability (real estate based) investment that I inherited in ’97. I sold it last year and need to get the basis of this investment.
The CPA who has been handling the tax returns for this partnership told me that she may not have records that go back that far.
The general partner told me to ask the CPA, the CPA referred me back to the general partner.
How can I get my basis for this investment?
Is the CPA under any legal obligation to provide me with this info once I request it?
If so, does the CPA have a time restriction or can she keep me in limbo forever as long as she says she’ll look into it?
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Tags: Basis, Give, Investment
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7 Responses so far to "How Can I Get Cpa To Give Me Basis Of An Investment?"
October 21st, 2009 at 1:20 am
Okay the cost basis would simply be the market value of the asset at the time you inherited it. You can actually guestimate. It is not that big of a deal.
**I would say get them on a conference call and tell them you want it resolved.**
October 21st, 2009 at 2:10 am
I note you wrote:
I have a limited liability (real estate based) investment that I inherited in ’97. I sold it last year and need to get the basis of this investment.
If you inherited the investment, neither the CPA or General Partner have that information. Your basis in the investment falls under IRC1014. Your basis of the investment is its FMV on the date of death in 1997. You need to contact the executor of the estate and see if they still have the records showing what they valued it at for estate tax purposes.
October 21st, 2009 at 2:54 am
Legally, all documents are kept for 7 years. Now that its been more than 7 years, the CPA is not legally-bound to provide you with any details.
October 21st, 2009 at 3:48 am
if you inherited it the basis would be the fair market value as of date of death.. check the estate records if you have them, or the executor/attny that handled it.
October 21st, 2009 at 3:53 am
As the manager of a CPA office, I can tell you that we are must keep all documents for a period of 3 to 4 years (3 years plus applicable extension time for federal returns, and 4 years for some state returns.) So, each year we check over our files and we shred the documents for clients who have not been in to see us for over 4 years. But, we keep all records indefinitely for our current clients.
If you are a current client, then I believe that the CPA should have your records going back to your original tax return. If they do have your records then they should be required by the State Board of Public Accountants for the state you are located in to provide you with your records upon request.
You can find your state board by going to this site:http://www.aicpa.org/yellow/ypsboa.htm
I would suggest that you contact the board in your state and ask them what they require. In Texas you would contact the Enforcement Division the telephone number is at this web page: http://www.tsbpa.state.tx.us/ctb1.htm
October 21st, 2009 at 4:47 am
As stated already, CPA’s are legally bound to keep documents for 7 years. So she would not be able to help. I don’t know if the IRS would have your return still but maybe call them and see. You can go to irs.gov and search for the number for a local IRS office.
October 21st, 2009 at 4:58 am
Your basis is the value of the investment at the time you inherited.