04-13-2007, 07:11 AM
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 Re: calculating stock basis - problems with applying FIFO dingodog_1979[at]yahoo.com wrote: - quote - > I am trying to calculate stock basis for stocks sold in
Dingdong -- that's an appropriate handle. You asked the> 2006. These stocks were purchased in 2006 and earlier years. > I do not have details on basis for stock purchased prior to > 2006, so I can't really use FIFO to determine basis. Can I > use "specific identification" then? same question a couple of days ago, and we told you you couldn't. You have to identify the shares when you sell them, it's too late now. -- Barry Margolin, barmar[at]alum.mit.edu Arlington, MA *** PLEASE don't copy me on replies, I'll read them in the group *** << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
04-12-2007, 03:28 AM
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| calculating stock basis - problems with applying FIFO I am trying to calculate stock basis for stocks sold in 2006. These stocks were purchased in 2006 and earlier years. I do not have details on basis for stock purchased prior to 2006, so I can't really use FIFO to determine basis. Can I use "specific identification" then? For instance, I owned 100 stock A as of 1/1/06. If I purchased 30 A-stocks in June '06 for $100 and sold 30 A-stocks in Dec '06. Can I say that that the basis of the Dec '06 sale is $100 (=cost of the June '06 purchase) or I MUST use cost of stocks owned on 1/1/06? If I shoud use FIFO, what can I do if I don't have records to determine FIFO-basis properly? I was trying to read IRS publication on cost basis but it is not that detailed. Thanks for your replies! << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- > |
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