Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Suppose I have 2 online brokerage accounts and I bought 100 shares of Microsoft in one account. Later, I want to exit this position on a particular day but the 1st brokerage account is down and their phone line is busy. So I short 100 shares of Microsoft in the other account to lock in the profit at that particular time. Then later, when both brokerage accounts are working, I exit both positions simultaneously. What are the tax implications for this transaction? Can I just treat them as two independent transactions when I report them to the IRS? Or is there something else that should be done?

Thanks for any help you can give me,
Carl Erikson
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.