Home › Fairmark Forum › Taxation of Investments › Can I Determine Cost Basis differently than my discount brokerage › Reply To: Can I Determine Cost Basis differently than my discount brokerage
You might want to talk to your broker to see what they can do. What is your default cost basis method? Do you specify before each trade? Perhaps if you don’t have a default method, they pick the non-covered shares first (?) FIFO. FWIW, they do not report cost basis on non-covered shares to IRS, only to you but you may be asked to justify the number you use .
If you sold in AM and bought in PM, that is not the normal order of things…..usually you buy first.
When you talk to the broker, you may find that the 1st line reps may not be very knowledgeable. Try asking for the cost basis group. At my broker, it’s like night and day.