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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: I Know Nada who wrote (1526)11/29/1998 3:33:00 PM
From: Shoe  Read Replies (2) of 5810
 
Does the IRS assume FIFO Regardless of Different Accounts?
Nada, thanks for providing the benefit of your experience. Did you find that (absent identification of shares) the IRS would treat the shares sold as those you first bought, even if you sold out of an account you did not even have when you first bought the stock (and did not tranfer shares)? Or would the IRS apply FIFO on an account-by-account basis? TIA -- Shoe
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