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

To: Brendan W who wrote (1972)3/10/1999 3:27:00 PM
From: Colin Cody  Read Replies (2) | Respond to of 5810
 
The IRS says that went selling stocks you MUST account for the cost basis on the FIFO basis - UNLESS at the time of the SALE you specifically identify another lot is being sold.

Physical certificates or differing costs may be substituted for such identification without limitation. i.e. you can sell shares held at Schwab with the basis for shares held at Merrill Lynch IF you so identify at the time of sale.

Colin


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