The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Long & short of stock sales||Date: 3/29/1998 3:21 PM|
|Author: GlowingFire||Number: 3109 of 123001|
I need help understanding the correct way to report says of stock this year. Here is my situation:
(1) 7/5/96 ... bought 100 shares of Donna Karan (don't ask why). Total cost (with commission) was 2829.00.
(2) 7/14/97 ... DK is in the toilet ... bought 500 shares more. Total cost was 5456.88.
(3) 7/29/97 ... DK jumps up briefly. I wasn't Foolish at the time, so I get really excited. I sell 500 shares. Total proceeds (minus commission) was 6193.87.
So ... as I see it, there are three strategies here. I don't know which would be better, or which are even legal. So let me know what I am supposed to do here:
(a) Report the sale as being just the 500 shares I bought two