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

To: Daniel who wrote (247)	12/8/1997 10:32:00 PM
From: Box-By-The-Riviera™	Read Replies (2) \| Respond to of 5810

Good point. You'd have to call the broker live.... but it would be interesting to find out if online trades should allow this....i.e. be required to allow this. But, considering sales vs. purchase trades are not all that frequent, spending the extra five bucks avg to talk to a live broker isn't such a hard price to pay IMO if it's that important for your record keeping. Simply keeping track of trading slips and noting sales vs. purchase yourself, would generally not be disputed by an IRS audit....and I think would be win-able in tax court where they to dispute it....not to mention.... the chances of being audited these days...unless you've sent out bunches of red flags is bordering on slim...to none. Joel

To: Daniel who wrote (247)	12/9/1997 1:11:00 PM
From: Dokie	Respond to of 5810

I'm a new investor needing some information about this issue. What is the basic tax law germane to the situation where you have bought and sold stock multiple times of the same equity? I bought some shares of QWST at the initial IPO and then several times later this year. QWST has continued to climb. I'd like to now do some short term investing in QWST and don't know what the basis of the capital gains will be determined on. I will be keep most of my holding in QWST as a long term investment so I don't want to pay capital gains tax based upon those early investments. Can you declare what specific stocks (among many more that you hold) you are selling. Specifically can you simply declare that you are selling the stocks that you paid the most for?!