abctax55
Level 15
10-27-2020
09:33 PM
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'...Expecting the client to know this is ludicrous.'
No, it isn't. And as with most 'basis' issues, the IRS has the right to determine the basis is zero if the taxpayer hasn't bothered to keep track. That info is maintained on the F 8606, carries from year to year, and should be part of the interview process if the client is new to you.
HumanKind... Be Both