ripvanwinkle
Well-Known Member
All that is necessary for evil to succeed is that good men do nothing - Edmund Burke 1729 -1797
Joined: Jan 9, 2011 22:36:42 GMT -5
Posts: 1,328
|
Post by ripvanwinkle on Sept 21, 2015 18:43:02 GMT -5
Is there a way to not have a stock be sold FIFO (First In First Out)? For example, for ease of the scenario, it goes like this:
1. If I bought stock xyz 5 yrs ago at 45 and sadly it's now at 25 and I sell some but not all now I take a loss. I understand this. 2. To recoup my losses I buy stock xyz a few months later at 24 and it goes to 50 in a year or less and I want to sell.
Can I tell my broker to only sell the last purchase or is everything always FIFO?
Just wondering.
|
|
Ombud
Junior Associate
Joined: Jan 14, 2013 23:21:04 GMT -5
Posts: 7,591
|
Post by Ombud on Sept 22, 2015 12:28:23 GMT -5
When doing tax loss harvesting it's often necessary to change from FIFO to LIFO and back. Nature of the beast
|
|
The Virginian
Senior Member
"Formal education makes you a living, self education makes you a fortune."
Joined: Dec 20, 2010 18:05:58 GMT -5
Posts: 3,629
Today's Mood: Cautiously Optimistic
Location: Somewhere between Virginia & Florida !
Favorite Drink: Something Wet & Cold
|
Post by The Virginian on Sept 22, 2015 12:50:13 GMT -5
I know Schwab allows you to do it online with the click of a button. All brokers will do it if you request it I'm sure.
|
|
ripvanwinkle
Well-Known Member
All that is necessary for evil to succeed is that good men do nothing - Edmund Burke 1729 -1797
Joined: Jan 9, 2011 22:36:42 GMT -5
Posts: 1,328
|
Post by ripvanwinkle on Sept 22, 2015 19:25:50 GMT -5
Okay, that's sounds easy. Sort of . Could be a bookkeeping fiasco if I'm not careful. As to the "Wash Sale" rule, if I wait 32 days I'm ok. Correct?
|
|
ripvanwinkle
Well-Known Member
All that is necessary for evil to succeed is that good men do nothing - Edmund Burke 1729 -1797
Joined: Jan 9, 2011 22:36:42 GMT -5
Posts: 1,328
|
Post by ripvanwinkle on Sept 24, 2015 0:40:23 GMT -5
Huh?? Back to the question. I sell 100 of xyz. I buy 100 of xyz 32+ days after the sale. This is not a wash sale. Yes or no?? I'm a individual. No spouse. No corporation. No large portfolio.
|
|
ModE98
Administrator
Start Investing admin
Joined: Dec 20, 2010 16:11:39 GMT -5
Posts: 4,441
|
Post by ModE98 on Sept 24, 2015 10:11:25 GMT -5
Huh?? Back to the question. I sell 100 of xyz. I buy 100 of xyz 32+ days after the sale. This is not a wash sale. Yes or no?? I'm a individual. No spouse. No corporation. No large portfolio. The answer is " not a wash sale"
|
|
Ombud
Junior Associate
Joined: Jan 14, 2013 23:21:04 GMT -5
Posts: 7,591
|
Post by Ombud on Sept 24, 2015 10:50:00 GMT -5
2 'original' questions:
1. Can you dictate which stock lot to sell?
Yes - and there are 5 different ways to do this: LIFO - last in first out FIFO - first in first out Lowest cost Highest cost Average cost - used for mutual funds
2. Wash sale rules: Not as complicated as the broker will have you think. If you sell at a loss and buy back within 30 days, the loss is disallowed. If you sell at a profit and buy back at any price (higher / lower / same), you get to pay tax on the profit. How MUCH you pay depends on whether it was a short term or long term gain
|
|
Deleted
Joined: Mar 29, 2024 5:36:05 GMT -5
Posts: 0
|
Post by Deleted on Sept 28, 2015 16:29:31 GMT -5
I use "specid" at Vanguard which allows me to select exactly which block of shares I wish to sell.
|
|