I am having a fit with what seems like it must be a common tax scenario – how do I figure out cost basis / capital gains for a mutual fund when I have no records?
Every resource I find seems to assume you will have all the records handy and know exactly what was paid on what date for every share, but I can only guess at either.
In my case:
My wife had a trust fund created sometime in the early 80s, all the money has been in CFSAX, dividends reinvested.
This year she sold $35,000 of shares when we did some home renovations.
We don’t know how much money was originally put into the fund or what date that was. Columbia won’t give us cost basis info for a fund established before 1988.
How is this sort of situation usually handled? Do I make a best guess based on historical market values?
ETA: From what I can tell, most of the shares were bought at a higher price than the current value. Would this mean we realized a loss when selling?