Reply To: Can I Determine Cost Basis differently than my discount brokerage

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

#8020
kaneohe
Participant

If you report the recent shares purchased, those will be covered shares and IRS may wonder why the basis is not reported or you will have to report fictional info like purchase date .

In principle there is supposed to be some system that determines what shares you sold. Either you specify before the trade or the default system takes over.