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#6
12-01-2003, 05:03 PM
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 Re: gains and selling mutual fund shares jaguar4096[at]yahoo.com (Dave) wrote: - quote - > I sold some shares of a mutual fund I own a few years ago.
You are NOT locked in to using the FIFO or specific> At that time, I used the FIFO method for calculating and > reporting to the IRS. Now I want to sell more shares, and am > wondering if I am locked in to using the FIFO method from > now on for selling shares of this fund, or if I can change > to the (single-category) averaging method. Any accurate > advice is much appreciated. identification methods, but if you change to the averaging method (either singe- or double-category) YOU ARE required to use that method on all subsequent sales from this fund. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
12-01-2003, 04:44 PM
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| Re: gains and selling mutual fund shares jaguar4096[at]yahoo.com (Dave) writes: - quote - > I sold some shares of a mutual fund I own a few years ago.
You can always change TO averaging. Once you do, you must> At that time, I used the FIFO method for calculating and > reporting to the IRS. Now I want to sell more shares, and am > wondering if I am locked in to using the FIFO method from > now on for selling shares of this fund, or if I can change > to the (single-category) averaging method. Any accurate > advice is much appreciated. use averaging for all future sales of that particular fund. See Pub 551. Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
12-01-2003, 04:44 PM
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| Re: gains and selling mutual fund shares Dave <jaguar4096[at]yahoo.com> wrote: - quote - > I sold some shares of a mutual fund I own a few years ago.
FIFO is one example of the method of specific identification> At that time, I used the FIFO method for calculating and > reporting to the IRS. Now I want to sell more shares, and am > wondering if I am locked in to using the FIFO method from > now on for selling shares of this fund, or if I can change > to the (single-category) averaging method. Any accurate > advice is much appreciated. to determine cost basis of shares. When you sell mutual funds you always sell specific shares. You can use specific identification any number of times with a mutual fund, and still preserve your right to use either Type I or Type II cost averaging on a subsequent sale. When you sell shares using either averaging method you always sell oldest shares first. Once you elect to use an averaging method to calculate cost basis you must continue to use that method so long as you own that fund. In other words, when determining cost basis of mutual fund shares, you can switch from specific ID to averaging but not vice versa. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
11-30-2003, 01:59 AM
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| Re: gains and selling mutual fund shares Dave wrote: - quote - > I sold some shares of a mutual fund I own a few years ago.
I seem to recall that the rule is as follows: You can use> At that time, I used the FIFO method for calculating and > reporting to the IRS. Now I want to sell more shares, and am > wondering if I am locked in to using the FIFO method from > now on for selling shares of this fund, or if I can change > to the (single-category) averaging method. Any accurate > advice is much appreciated. cost (FIFO or Specific ID) or average cost. If you use average cost, you are locked into that method. If you use cost, you can subsequently change to average cost. Once you change, you are locked into averaging. -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
11-30-2003, 01:40 AM
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| Re: gains and selling mutual fund shares jaguar4096[at]yahoo.com (Dave) wrote: - quote - > I sold some shares of a mutual fund I own a few years ago.
You are NOT locked in to using the FIFO or specific> At that time, I used the FIFO method for calculating and > reporting to the IRS. Now I want to sell more shares, and am > wondering if I am locked in to using the FIFO method from > now on for selling shares of this fund, or if I can change > to the (single-category) averaging method. Any accurate > advice is much appreciated. identification methods, but if you change to the averaging method (either singe- or double-category) YOU ARE required to use that method on all subsequent sales from this fund. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
11-30-2003, 01:21 AM
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| Re: gains and selling mutual fund shares jaguar4096[at]yahoo.com (Dave) writes: - quote - > I sold some shares of a mutual fund I own a few years ago.
You can always change TO averaging. Once you do, you must> At that time, I used the FIFO method for calculating and > reporting to the IRS. Now I want to sell more shares, and am > wondering if I am locked in to using the FIFO method from > now on for selling shares of this fund, or if I can change > to the (single-category) averaging method. Any accurate > advice is much appreciated. use averaging for all future sales of that particular fund. See Pub 551. Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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11-30-2003, 01:21 AM
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| Re: gains and selling mutual fund shares Dave <jaguar4096[at]yahoo.com> wrote: - quote - > I sold some shares of a mutual fund I own a few years ago.
FIFO is one example of the method of specific identification> At that time, I used the FIFO method for calculating and > reporting to the IRS. Now I want to sell more shares, and am > wondering if I am locked in to using the FIFO method from > now on for selling shares of this fund, or if I can change > to the (single-category) averaging method. Any accurate > advice is much appreciated. to determine cost basis of shares. When you sell mutual funds you always sell specific shares. You can use specific identification any number of times with a mutual fund, and still preserve your right to use either Type I or Type II cost averaging on a subsequent sale. When you sell shares using either averaging method you always sell oldest shares first. Once you elect to use an averaging method to calculate cost basis you must continue to use that method so long as you own that fund. In other words, when determining cost basis of mutual fund shares, you can switch from specific ID to averaging but not vice versa. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
11-25-2003, 04:19 AM
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| gains and selling mutual fund shares I sold some shares of a mutual fund I own a few years ago. At that time, I used the FIFO method for calculating and reporting to the IRS. Now I want to sell more shares, and am wondering if I am locked in to using the FIFO method from now on for selling shares of this fund, or if I can change to the (single-category) averaging method. Any accurate advice is much appreciated. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| fund, gains, mutual, selling, shares |
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