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The Emergency Economic Stabilization Act of 2008 requires mutual fund companies to report the cost basis of covered shares beginning on January 1, 2012. A letter from my mutual fund company states I must pick a method of calculating the cost basis or by default the co. will use the Average Cost method. The methods listed are: 1. Average Cost, 2. First In-First Out, 3. Last-In, First Out, 4.High Cost-First-Out, 5. Low Cost, First Out, 6. Loss/Gain Utilization, 7. Specific Lot Identification.
I'm wondering what Cost Basis Method others are making and why?
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