Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I am new to stock trading. First year. I have two brokerage accounts and have been trading the same stocks on both. I want to be ready for tax time and I can't figure out if I consider cost basis for a stock from the account the account I sold the stock from or from both accounts.
For example I bought some APCC in acount A and then some in account B. Later I sold some from account B.
Do I use the cost of the shares from account B or A? A
would be the account with FIFO.
I also have some potential wash sales. Sold some stock for a loss in account A and then bought some within 30 days in account B.
Does this make sense?
Thanks in advance to anyone who can help.
Bob
Print the post Back To Top
No. of Recommendations: 0
Uncle Sammy doesn't care where you did the trading, only when. I'm presuming both accounts are cash-type accounts (not IRA's). So the wash sale rule will apply. As to which shares were sold, FIFO is the default.
Print the post Back To Top
No. of Recommendations: 0
Well, if you buy stock in account A and B and then sell the stock in B you've pretty well established which specific shares you sold (contrary to the "adequate identification", but probably MORE "adequate" than the IRS's, definition).
Unfortunately you can still have Wash Sales, etc between the two accounts. Ed
Print the post Back To Top