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Non-Tech : Datek Brokerage $9.95 a trade -- Ignore unavailable to you. Want to Upgrade?

To: Jason Rooks who wrote (7680)	4/2/1998 12:31:00 PM
From: WallStBum	Respond to of 16892

Jason, "First-In, First-Out" rule. If stock is sold from lots purchased on different dates and at different prices and the identity of the lots cannot be determined, the stock sold must ordinarily be charged first against the earliest purchase (Reg. 1.1012-1(c)) Operative words I bolded. If you can determine which shares you sold, you're fine to use the specific identification method. Datek does not do this, but then their goal is faster execution. E*Trade actually MAKES you specify which lots your selling and often this adds a lot of time to entering a sell transaction - a real pain in the ass if the web is slow. My suggestion is that you buy yourself Quicken Deluxe and enter all your security transactions there. You can then direct Quicken as to which lots you sold and at the end of the year spit out nice reports summarizing short and long term gains and losses. Additionally you can then just attach these reports to your Form 1040 Individual Tax return and just put the max 4 figures on your Schedule D with the description "See Attached". Then you don't have to fill out every single transaction on Schedule D. Hope this helps. dax