Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Does the FIFO stock selling rule brokerage account independent or does it spread across all accounts?

It can really only work account by account.

Think about this: (Assuming you designate this beforehand), it's possible to sell specific lots within an account, right? So, if you don't designate any specific lot, they must be selling the oldest shares that they bought and are holding for you. It's those specific shares, with their own cost basis and holding period, that the brokerage is selling. (Shares, unlike dollars, are not fungible.)

They can't be selling the shares that are being held for you at another brokerage house -- unless you transfer them first.

culcha
Print the post  

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.
Live Video Event Monday!
The GP team is hosting a live video event on Monday at 4 p.m. ET. Don't worry if you can't make it — we'll have a replay and a transcript. Click for more!
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.