The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: FIFO||Date: 9/27/2000 10:25 AM|
|Author: porter41||Number: 40356 of 125206|
The "I have" fits the 4 owners in the following way.
Stock xyz is in my name, my name and my wife's name, my wife's name and my name, and my wifes maiden name. These are all the same stock, just using xyz for an example, but purchased before and after we were married. As far as the IRS is concerned they are all under the same household and transactions would be reported on the same tax form.
Now for the question.
If I default to FIFO (by not specifing anything else) when I sell the stock, am I obligated to sell the oldest stock held in all of those three names or is it on an individual name basic.
Hopefully that clears ups the semantics.
I will now go check out "investment Issues"
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