Discussion:SPECIFIC ID OF INDIVIDUAL STOCK SALES
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Discussion Forum Index --> Basic Tax Questions --> SPECIFIC ID OF INDIVIDUAL STOCK SALES
Discussion Forum Index --> Tax Questions --> SPECIFIC ID OF INDIVIDUAL STOCK SALES
Jastaxes47 (talk|edits) said: | 10 December 2007 |
| I have a client that buys and sells stock for his own account. He is not a trader. He keeps track of all of his purchases and then sells specific lots (specific identification) in order to plan his taxable transactions. Does anyone know the rules for keeping track of what he has sold?? Does the code specify that he has to do anything (ie, notify someone regarding each individual stock cert number or ??) in order to support his transactions. Thanks in advance for you help. Jim | |
| 10 December 2007 | |
| You may file with summaries on the tax return. Should you do, the IRS takes the position that summaries will not close the tax year. If electronic filing, use 8453 and file a spreadsheet for detail. Put the summaries in your ef return. This procedure is being accepted to close out the year.
Good Luck | |
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