|
Posted by nws_reader on March 14, 2007, 12:22 am
Please log in for more thread options
I know the FIFO order applies when holding multiple lots of
a stock. However, Ameritrade offers an online tool called
GainsKeeper that allows the user to change the sale from
FIFO to "Sell by ID". After selling to stock, the user can
re-assign one or a combination of purchase lots.
Is this OK to use for the IRS? I want to keep the early
lots for long- term gain, and trade the later lots for
short-term.
If not, is the only other option to call a broker to place
the sale?
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by Rich Carreiro on March 15, 2007, 1:47 am
Please log in for more thread options
nws_reader@yahoo.com writes:
> I know the FIFO order applies when holding multiple lots of
> a stock. However, Ameritrade offers an online tool called
> GainsKeeper that allows the user to change the sale from
> FIFO to "Sell by ID". After selling to stock, the user can
> re-assign one or a combination of purchase lots.
The relevant IRS Regs say that for a specific ID to be
valid (a) you must make the designation *before* the
sale happens, and (b) the broker must provide you with
*written* confirmation of your designation.
Your description doesn't make it sound that either
of those are happening.
--
Rich Carreiro rlcarr@animato.arlington.ma.us
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by Seth Breidbart on March 15, 2007, 1:47 am
Please log in for more thread options
> I know the FIFO order applies when holding multiple lots of
> a stock. However, Ameritrade offers an online tool called
> GainsKeeper that allows the user to change the sale from
> FIFO to "Sell by ID". After selling to stock, the user can
> re-assign one or a combination of purchase lots.
>
> Is this OK to use for the IRS?
I don't think so: if it's done after the sale, it's too late.
> If not, is the only other option to call a broker to place
> the sale?
You have to specify which lots before the sale. I don't
know if TDAmeritrade offers that online.
Seth
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by ed on March 15, 2007, 1:47 am
Please log in for more thread options On Mar 13, 11:22 pm, nws_rea...@yahoo.com wrote:
> I know the FIFO order applies when holding multiple lots of
> a stock. However, Ameritrade offers an online tool called
> GainsKeeper that allows the user to change the sale from
> FIFO to "Sell by ID". After selling to stock, the user can
> re-assign one or a combination of purchase lots.
>
> Is this OK to use for the IRS? I want to keep the early
> lots for long- term gain, and trade the later lots for
> short-term.
If not, is the only other option to call a broker to place
the sale? why don't you just open two acounts? One for your
your long term investments and the other for trading. Then,
you automatically know which lot your selling by what
account it's in. duh
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by Seth Breidbart on March 16, 2007, 1:31 pm
Please log in for more thread options > If not, is the only other option to call a broker to place
> the sale? why don't you just open two acounts? One for your
> your long term investments and the other for trading. Then,
> you automatically know which lot your selling by what
> account it's in. duh
That works just fine if you know prior to purchase when
you're going to sell.
I don't know if they allow journalling specific positions
from one account to another; that would let you buy
everything in the short-term account, and move it to the
long-term account at the appropriate time.
TDAmeritrade allows you to specify lots online; you have to
send them a "Versus Purchase Trade" letter of instruction.
(See the help files for exactly how.)
Seth
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
| Similar Threads | Posted | | Government not notified of stock sale | February 12, 2007, 12:23 am |
| stock gift from employer and subsequent sale | April 4, 2007, 2:39 pm |
| Stock Sale Problem Establishing Purchase Price | October 2, 2007, 10:09 pm |
| re: Phantom Stock -- value at issuance if triggered only at company sale? | April 14, 2008, 9:48 pm |
| Re: 1099-B Restricted Stock Options sale...Do I need to file a Schedule D? | March 17, 2008, 10:29 pm |
| Mileage deduction when the car was needed in order to do the job | February 21, 2007, 6:28 pm |
| Buy and sell rules | July 19, 2008, 9:26 pm |
| how do I sell my business/s-corp | February 12, 2007, 12:23 am |
| If I sell my residence at a loss ... | April 25, 2008, 3:58 pm |
| how do I sell my business shares in s-corp? | February 12, 2007, 7:35 am |
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap