I have mix of Fang stocks with quite a bit of long term gains. I would like to unload some stock and move it to other places. Since I’ve also bought shares recently and all shares are worth the same instead of selling FIFO should I do specific lot sales or LIFO so I have negative/least basis tax wise? TC-500
Call Ayco. Google offers Ayco (part of Goldman Sachs) financial advice services to all Googlers at no cost.
If it is all gain choose the lots that are long term gains and sell those. If you need to choose between losses choose short term.
For the smallest cap gains tax, only sell shares you have had held for at least one year with highest basis. You should be able to control gains by selling specific lots based on their respective purchase date and price. If you have any losses, those can also be used to offset realized gains
@jBacon How does one change the cost basis method from FIFO to something like HIFO or specific lot in Robinhood? I couldn’t find any information regarding changing the cost basis method.
I use Schwab, so I don’t know first hand how how to on RH. However if you call customer support and request the specific lots you wish to sell they should be able to accommodate.
Time to get a financial advisor
Or even just a tax accountant