Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Elroy who wrote (5731)	10/21/2020 3:44:38 PM
From: Paul Senior	Read Replies (1) of 5810

No, you are not permitted to adjust the trade when you file taxes. --- If you make the trade and do not specify, the brokerage makes the trade according to how you've set up the account. If you never specified LIFO or FIFO, the brokerage likely (imo) will use FIFO automatically. You may - possibly - depending on the broker, call them after the trade and they may be able to go back and switch that trade to Last In First Out. But -- imo and I'm not sure because I've never done it - that request has to happen very soon after the trade occurs, maybe before settlement date ??. I've never done it, so I've no experience or real knowledge about it.

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