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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Nasty P who wrote (161)11/2/1997 1:05:00 PM
From: lavalamp  Read Replies (2) of 5810
 
Nasty and all that have posted about lot identification,

I had posed the question to Schwab and their response (unverified as to correctness ) is the lot designation of shares sold on trade confirmations is no longer required by the Internal Revenue Service. They then go into a discussion of how to designate the shares sold after the fact for your record keeping.

Thus, if what Schwab stated is correct, we really can just do all the matching on our own and not worry about designating the lot on the trade confirmation. Makes sense to me, but I would like to see someone post something from the IRS that states this (maybe a Rev.Proc.)
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