Fidelity cost basis limitation

Discussion in 'Retail Brokers' started by mikeydtrader, Jul 7, 2009.

  1. I'm an active trader with Fidelity and I just received a letter that I have exceede their storage limitations for cost basis information. I was a bit suprised, first time for me to have this problem. They say they can't report the cost basis for some securities because I traded so many times?
    Anyone else receive this letter? Any suggestions?
  2. i have and it means that you'll have to enter purchases of that security manually come 1099 season.
  3. ktm08200


    I got the same letter about 2 years ago and they said they were close to a fix.... guess not.. after complaining they offered to pay for gains keeper or some other program to track cost basis, or they said they could just open me a new account with a new account number and then I could crank out a couple thousand more trades until I reached the capacity.

    Also when they send the letter out you still have a couple hundred trades left before you hit the limit where it stops keeping track of cost basis.
  4. An update. In the letter I received they offered to reimburse me for purchasing a third party software. I called and they recommended Tradelog. I purchased and I am very impressed. I'd definetly recommend everyone take them up on the offer for the free software!

    From what I see Tradelog is going to do better than reports Fidelity ever provided.