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Zecco.com » General Investing » Tax Matters » specifying share lots when selling ...
Last post 05-23-2008, 11:01 AM by Uncle Billy. 3 replies.
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  •  05-23-2008, 8:51 AM 29660

    specifying share lots when selling at Zecco

    Reply Quote
    When selling part of a stock position you own, I am wondering whether Zecco allows you to specify which lots to sell, or if it is just assumed you are selling FIFO (first in, first out). I want to be able to sell a share lot I own to take a short term loss, but it is not the first share lot I bought of the stock. Can you specify this? Even if Zecco has no way of specifying the share lot, would I still be able to take the loss on Schedule D if I keep track of my share lots myself?

    Thanks in advance.

  •  05-23-2008, 9:24 AM 29662 in reply to 29660

    Re: specifying share lots when selling at Zecco

    Reply Quote
    In general you must identify the shares sold at the time of the sale and you must receive written confirmation of the identification from the broker in a reasonable amount of time.  See Publication 550 and Reg. 1.1012-1 (c)(2) for a more thorough treatment of the topic.

  •  05-23-2008, 10:27 AM 29665 in reply to 29662

    Re: specifying share lots when selling at Zecco

    Reply Quote
    Review the IRS publication but you do not need confirmation from your broker per a discussion with a tax accountant. Most people are not going to have a strategy where they say I want to sell this now and then contact a broker before they can do the transaction. There are otyher threads about this topic you can search for.

  •  05-23-2008, 11:01 AM 29667 in reply to 29665

    Re: specifying share lots when selling at Zecco

    Reply Quote

    I practiced both tax law and tax accounting for many years.  The Reg, which I'm sure you have read, is very clear in stating the requirement of a writing from the broker:

    (b) Within a reasonable time thereafter, confirmation of such specification is set forth in a written document from such broker or other agent.

    Please provide substantiation for your position.  Perhaps the law has been changed and I am unaware of the change.  If so I will stand corrected
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