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Posted by Geoff on April 3, 2007, 2:26 am
Please log in for more thread options > At the end of October last year, I sold some stock. The
> stock had been purchased multiple times over the last
> several years, and I did not sell all of my shares. I knew
> which specific shares that I wanted to sell, to minimize the
> amount of taxes that I would have to pay.
>
> According to the TDAmeritrade website, they said that shares
> are sold on a FIFO basis, unless I sent them a letter of
> instruction indicating which shares I wanted to be sold. So
> after I sold the shares (but still the same day), I faxed
> them a letter. A couple days later, I received an email
> from them saying that they received the fax and that they
> would keep it in my records.
>
> But I was just going through my old statements, and I
> noticed that the statement that I received at the end of
> November has a section called "Positions Closed This
> Period." It indicates that I sold my oldest shares instead
> of the shares I had indicated in the letter that I faxed.
>
> If I have to report my sales on a FIFO basis, then I will
> pay more in taxes. I followed TDAmeritrade's directions for
> indicating specific shares, so can I just ignore what the
> statement says? My fear is that if I get audited, they will
> look at the statement, and I will be screwed.
Can't answer your question, but recommend you consider
Etrade. You click on the specific purchase you want to
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