Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Zeuspaul who wrote (178)	11/3/1997 11:52:00 PM
From: lavalamp	Respond to of 5810

Zeus I assume that LIFO on your LGND shares will result in the lowest gain, but you would need to check as to long term vs. short term issues. the statement the broker sends you at the end of the year would generally just show the sales proceeds, not the specific lot number. the e.schwab software actually prints out a sch.d that would show the date of the stock acquired. i also can generate a print out of all transactions for the year but this is not a report the brokerage sends,nor is the sch.D. These are reports printed from my computer. the only items from the broker would be the 1099 B (or substitute) and the trade confirmations. My software allows me to select fifo,lifo, or specific identification. I understand your problem regarding the lack of 3rd party record keeping. I will be following up with e.schwab (I can not call them without being charged) via email which is not a 1 day turn around . I will post what I find out from them as to their reasoning as to why they wrote that the IRS no longer requires the trade confirmation to show the specific lot being sold.

To: Zeuspaul who wrote (178)	11/5/1997 6:42:00 PM
From: lavalamp	Read Replies (1) \| Respond to of 5810

Zeus, I wrote e.schwab back regarding the identification of lot issue. There reply was that the change was recent and had been put into effect over the past year. They also concurred that you may, and probably will ,want to wait until you file your return to do the matching of the lots. They then directed me to the 1040 booklet (however, since it is a recent change you would need the booklet for 1997 ). I would guess that it is on line at irs.ustreas.gov