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Non-Tech : Datek Brokerage $9.95 a trade
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To: smith who wrote (6767)2/11/1998 10:28:00 AM
From: David Kuspa  Read Replies (1) of 16892
 
If you want to specify shares, you'll probably have to call DATEK and speak to a trader. At least that's the way it works with Fidelity, and they charge a full-service commission for such a transaction. But I believe it doesn't really matter as long as YOU keep track of which shares you're selling. Brokerages only report the proceeds of each sale, not which shares you sold or what you paid for them. The IRS just wants a list from your broker so they can check to see whether you reported the sales--you keep track of which block of shares you specify, and what the gain or loss was based on the purchase price and the date you bought and sold that particular security. You can do it manually, or in a program like Quicken, which uses "first in, first out" as a default, or allows you to specify the "lots" if there were multiple purchases in that security.

This should not be construed as tax advice, but is merely my understanding. Check with your tax preparer, or perhaps someone else on this thread can verify.
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