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Mike DiSabatino CPA

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Keep good records for mutual funds


Keep good records for mutual funds

Brokers are required to report your cost basis to the IRS. Without good recordkeeping, you may not be able to prove you were overtaxed because of incorrect basis reporting by your broker.

You can avoid problems caused by errors in reporting by keeping detailed records of every transaction. Work with your broker to ensure your records match with the information he or she is reporting to the IRS.

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