Replies to post #3487 on Mike Lindell Media Corp (MLMC)

[xanadu]

Bruce, will miss your answer.Out for a few hrs

[wickw50]

RE: "I asked a tax question on the board some time ago without an answer. If I have several purchases of the same stock over a period of time and only sell part of them before the end of the tax year, do I have to use FIFO or LIFO, or can I use whatever purchases will result in the least taxable income?"

I asked a similar question of my Scottrade broker and he said in trading use the FIFO.

You can't get around the three day rule to my knowledge. You can sell part of your shares one day, part the next, and then part the next, and thereby effectively "trade" around it under the FIFO rule, but you still have to pay the additional "juice" per trade...Personally I don't mind the "juice" as long as I'm plus. Besides, my Scottrade guys (Ft. Worth, TX) are really good guys and very helpful.

BT has a good point about trading large blocks in a low volume environment. You can actually "move" the market, sometimes good, sometimes bad...

Wick

[Bruce A Thompson]

FIFO or LIFO

Wouldn't matter. Couple million shares would stop any run and then try to get a reasonable price on a 2 million share buy.

I'm sitting on a million shares. I figure it would take at least a week to sell without affecting the PPS. (Not that I would want to) I will be quite happy with a long term 10 or 20 or even 40 bagger from here at the 15% tax rate.

BT

[Bruce A Thompson]

LIFO FIFO Again

I have always used the method that gave me the most tax savings.

RE: The three day rule. I use MYTrack. Their policy is I can use the money from a sale immediately with a couple rules. First, if I buy the stock today and then also sell it today, I am done in my cash account for the day. My money will be available to me again the next day. If I sell any stock today I can immediately use the proceeds to buy any stock including the same stock I just sold.

The rule seems to be only one round turn of the money per day in my cash accounts. The same rule applies to my IRA.

Hope this helps.

BT

P.S.

If you switch funds to a MYTrack account, please give them my name as a referral. I will get free trades out of it. (g)

[w0od]

Yes using my theory of compounding you must "upgrade" your stocks when you start playing with more money....two options really

1. spread smaller amounts over numerous stock

or

2. buy higher price stock where you could buy $100K worth of the stock and flip it during the day like QCOM or MSFT or the like

it diffinitely changes the ball game when you accumalate that much money but if you change 14K into 100K then i think you could live with having problems like those....lol

about the tax question you can use either but you have to stick with what ever one you start using