Use FIFO with brokerage account

[mhanley99]

I bought stock from a brokerage account using already taxed money. I want to use some of the money that I bought the stock with to buy a car. If I sell enough of the stock to get the money for the car, do I have to pay taxes on all of it? Does using FIFO allow me to pull out some of the already taxed money instead of the earnings on the stock since I bought it?

[ColeenD3]

If you sell any stock at a profit, you will pay tax on that profit. FIFO does not have anything to do with that. It is merely a way to choose which stock you wish to sell. Everybody buys stock with after tax money. It is not like an IRA.

[Mike9241]

if you have a stock that was bought at different times you can tell the broker which lot to sell.  if you don't they'll automatically use FIFO unless you have a standing order on file to use another method. 

[DaveF1006]

It depends. Please view this irs link for further guidance on which convention to use.

[fanfare]

it is your profit that is taxed.

profit = proceeds - cost

please see Form 8949.