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Strategies & Market Trends : IRS, Tax related strategies--Traders
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To: Colin Cody who wrote (606)12/10/1998 6:34:00 PM
From: Pices  Read Replies (2) of 1383
 
Colin -

I have a question. I have a stock that I have held for more than one year and is a long term gain. Recently, I added to my position with new money but now find that I would rather have the new money back and keep the "old" money intact and NOT take a long-term capital gain but just let it continue to "ride." My question is, can I sell the recently acquired stock (at a break even) and declare it as such? In other words, must I use the rule "first in, first out" or can I chose to say that the last money I put in was short term and base (no) gains based on that, leaving my original purchase of a year ago intact?

Thanks for your help. Hope I was clear.

Pices
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