Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: JeanDavid Big gold star, 5000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 118607  
Subject: Re: Capital Gain or Loss? Date: 12/10/1997 4:04 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
<The brokerage usese FIFO
So if I sell they will say I made a gain
But I want to sell that I bought this year...
and maintain what I brought last year?

So what should I tell the brockerage to do this
and what should I tell IRS that is is a LOSS
not again as the brockerage says?>

The broker is your agent. You decide if you do FIFO, or identified shares, method, not the broker. If you wish to specify the lot of shares to be sold, do so. To be absolutely sure, put your request in writing and mail it to the broker. Then you use the confirmation slips to prove what you did to the IRS, if they care to see them (they won't unless you get audited).

This is reported on Schedule D, where there is a column for the purchase date and the purchase price, the sale date and the sale price (among other things).

Furthermore, the brokerage sends you a 1099-B (I think it is) that tells only the sale price, not the purchase price nor the gain or loss.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
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.
Invest Better Hub
Take advantage of our newest free service, Invest Better!
New Fool-Branded Credit Card Available!
How does your card compare to ours?
Post of the Day:
Supernova Phoenix 1

When Does the Party End?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Facebook Fool Fan Club
Be a fan of the Fool over on Facebook!
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Get the Fool Phone App
Save and share content, zero in on sectors, podcasts, and much more!
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! 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.
Advertisement