Fees & Interest

How do I update cost basis information for transferred securities?

The cost basis information associated with transferred positions (e.g., acquisition date and price) classified as covered is typically sent by the transferor sometime after the transfer has settled and, in certain cases, the transferor may be subject to IRS rules which require that this information be provided within 15 days of the transfer date.

Up until the time the transferor provides the cost basis information, MEXEM will classify positions as non-covered and assign default cost basis values where the acquisition date is set to the date of transfer and the cost to the closing price of the security on the date of transfer.

Clients may update the cost basis for transferred securities by logging in to Client Portal/Account Management and selecting the Reports and then Tax menu options to open the Tax Reports window.

Then click on the gear-shaped icon alongside Transferred Positions in the Cost Basis panel to see a list of position transfers by date.

Please note: The cost basis of covered positions will automatically update from your manual entry to the basis when sent by the transferor.

For additional information, see: Are clients allowed to change cost basis information? When will the cost basis of my position transfer be updated? Position Transfer Basis in the MEXEM Users' Guide.

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