PattiF
Expert Alumni

Get your taxes done using TurboTax

You cannot change your mind after the sale and the 1099-B has been issued. You have to instruct your broker before the sale of which shares you want to be sold. 

 

if you didn't tell the broker to use another method before the sale, it's too late now. The key is ensuring informing the broker in time before the sale that you want to use LIFO or specific lots and that you receive written confirmation from your broker that verifies that method. If your broker doesn't send that information, then the IRS can conclude that you never made an election and so force you to use the default FIFO method. 

 

@rm112752 
 

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