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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: lavalamp who wrote (174)11/3/1997 11:33:00 PM
From: Zeuspaul  Read Replies (3) of 5810
 
lavalamp, I am unclear about the Schwab software. The regulation indicates the brokerage has to make the identification even if it is after the fact. When you make the assignment on the Schwab software does it then become part of a document that Schwab sends to you? I can make an assignment to lots sold in my Quicken software but I feel that I need a document from the brokerage firm.

I emailed DLJdirect and got what I consider an incomplete answer
(I emailed several others and got no response)

"You may specify which shares you would like to sell at a given time by calling in your order and speaking with a trader or by sending an email message with your purchase information. DLJdirect follows the LIFO account method, Last In, First Out. "

Does this mean that the end of year statement indicates individual lots sold based on LIFO (you know why I am asking, I intend to sell 10 percent of my LGND when Henry gets his bottle of wine)

I am not familiar with their end of year statement nor any other end of year statement from a brokerage firm showing stock sold. Does it normally indicate lots sold or just that you sold X amount of shares?

Do they expect me to email them for every market and limit order I place? That is an awfull lot of email considering that most of my limit orders don't execute.
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