Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
timber
New Member

reporting stock sale from multiple brokers for a same stock

 
3 Replies
timber
New Member

reporting stock sale from multiple brokers for a same stock

I bought stock ABC in march 2019 using broker X. Then I bought stock ABC in April 2019 using broker Y. Then I sold the stock ABC in May with broker Y. I think Broker Y will report a sale in 1099B as symbol ABC sale date 5/1/2019 acquired date 4/15/2019 proceeds 200 cost basis 150 gain 50 short term. I guess I need to report this sale against the stock I purchased with broker X as FIFO.  Here is my questions: how do handle the trade reported by Broker Y? Delete the trade record and create a new one or Modify it with correction of acquired date and cost basis and new gain/loss or ignore it? Please advise.

ratings image
LeonardS
Expert Alumni

reporting stock sale from multiple brokers for a same stock

Did you sell all of your purchases, from Broker X and Broker Y,  in May using Broker Y ?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
NCperson
Level 15

reporting stock sale from multiple brokers for a same stock

you don't need to do FIFO; you can identify which lots you sold.  but once you pick one method you can't just switch to the other for convenience.  

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.62m
Discussions

Manage cookies
v