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Changing Cost Basis on Mutual Funds
I'm trying to determine if I am permitted by the IRS to change from Average to Specific ID cost basis for one of my mutual funds. I did sell some shares of the fund in 2008 using the Average method. Can I now change to the Specific ID cost basis when selling any shares acquired after the sale in 2008? Some documents say once you sell shares using the Average method you can NEVER switch to any other method while other documents say you can switch to Specific ID but it only applies to shares acquired after your last sale under the Average method, while shares acquired prior to the sale must still use the Average method.
‎October 27, 2021
1:39 PM