how can I get CPA to give me basis of an investment?

June 3, 2010 Brian 7 comments

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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Written by SG Elite about 2 years ago.

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.
Written by TeddyTexas about 2 years ago.

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
Written by zudmelrose about 2 years ago.

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.
Written by Jess B about 2 years ago.

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.
Written by Amy F about 2 years ago.

Your basis is the value of the investment at the time you inherited.
Written by Miss Know It All about 2 years ago.

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.**
Written by STEPHANIE S about 2 years ago.

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.

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