if I buy stocks in lots and want to sell, what is rule for tax basis, is it Fifo Lifo or any-lot-order? E.g: Lot1: bought 10 shares of ABC@10each 1/1/2017 Lot2: bought 10 share of ABC@20each 6/1/2017 Lot3: Bought 10 share of ABC@30ea 1/2/2018 I notice brokerage portal just display whole quantity as 30 and when attempt to sell jusy givea option To enter quantity. Now if I want to sell from only lot3,then is it just that I sell within 10 shares and report that basis for filing (in this example basis as 30)?
By default as per new rules, last lot u bought is sold first . This is the new change trump administration has put
That got dropped from the final version of the bill.
Incorrect. That change was considered, but not included in the final bill. OP can elect FIFO or specific lot identification, but once you pick an accounting method IRS requires you stick with it as long as you hold (hodl) that asset.
You can choose the specific lot. You can't do that for Robinhood, but you can do that with almost every other brokerage.
This is such a common scenario, surprised that many brokerage houses doesn't give option of selecting from lot while selling...
Many do. The only I know that doesn’t is Robinhood. But there is a cost to free-99
Today I Learned
11h
824
Gut Vs. Brain
Tech Industry
11h
2986
11 offers to laid off[UPDATE]: 5 offers
Health & Wellness
Yesterday
2200
Guys who don’t work out: why?
Ask Blinders
Yesterday
1263
Top red flags in guy to see before saying yes to marriage (arranged)
Personal Finance
Yesterday
1219
Are we ready to buy our forever home?
On every exchange I’ve used it will give you the option to pick any of those. I frequently choose specific lots, to control long-term vs short-term gains