Discussion:Cost basis: same stock different times
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Discussion Forum Index --> Tax Questions --> Cost basis: same stock different times
| 4 May 2008 | |
| How do you figure the cost basis on the same stock that you buy/sell at different times and different quantities?
Some might be long term and some short. for exmple: If I were to buy 100 shares had that for long term. Then buy 25 shares then sell 25 shares within a year whose to say I didn't sell the long term stock? How is that kept track of? thanks | |
Death&Taxes (talk|edits) said: | 4 May 2008 |
| Publication 550 Publication 551 give you the answer | |
| 4 May 2008 | |
| Most commonly, specific identification or first-in-firt-out. You must stick with the chosen method. -- Larry Hess, CPA | Albuquerque, NM | Talk to me | |
| 4 May 2008 | |
| You have the ultimate responsibility for keeping track of your cost basis. If you have multiple blocks purchased at different times and then subsquently sell only a portion you should notify the broker which block you are selling. If you do not then the FIFO rules apply which may not be what you want . | |
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