Replies to post #171703 on Biotech Values

[JJM760]

Yes prob is I used FIFO for some shares I sold earlier in the year and I was stuck with it for these.

[oc631]

I can sell any stock in my taxable account, and select the shares that are associated with that trade, AFTER the trade, but BEFORE settlement date.

Thanks BR for some real valuable information on specific lots. I guess I've given that bastard Uncle Sam more than need be at least once. I picked the right time of year to ask a tax question. I would think this option is highly advantageous to active traders.

[DewDiligence]

At Scottrade, I can sell any stock in my taxable account, and select the shares that are associated with that trade, AFTER the trade, but BEFORE settlement date.

That’s the policy at almost all brokers because the settlement date restriction is imposed by the tax code itself.

I certainly wouldn’t do business with any broker where tax lots couldn’t be changed ex post facto. There are times when one wants to sell in a hurry and the time it would take to pre-specify the desired tax lots could end up costing serious money.