Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I have had a discount brokerage account with Schwab for about a year. Im preparing my taxes now.

Here's my dilemma: Some stocks I have bought in several installments throughout the year, and I have sold portions of some of my stocks for a realized loss. I always thought I could match the "sells" with the "buys". Now my dad's CPA said that I had to use the FIFO method!! But Roy Lewis'(TMF Taxes) article on tax strategies says I can use FIFO or "specify" the shares I wish to sell. What are my choices? Could you please let me know how to specify the shares? Is the law specific on this?

Thanks in advance,
HuskyItalian (Louis)
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.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.