Stocks purchase dates questions

Forum|Forum|1 year ago
August 19, 2024
1 reply
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Questions: Assuming I bought ABC stocks at 2 different dates, say, 1000@ $5 on 1/20/2024 and another 1000@ $10 on 3/20/2024. If I sell 1000 shares later with gain @ $15. I know I can pick either one (purchase date) to sell at the sale time.

Can I change the purchase date I bought before 12/31/2024 or change the date before filing my tax return in 2025 to make the right tax harvesting?

Thanks

pk_

Level 15

@SLYKTAX , not really. You have to declare/ instruct your broker as to which batch and how many you are selling and then have to use this LIFO or FIFO regime on your return. Else you will be violating perjury jurat.

SLYKTAXAuthor

Level 6

Not sure you answer my question, I asked:

Can I change from FIFO to LIFO or vise vera before filing the year tax return that is on April the following year.

pk_

Level 15

Thanks. I knew about that.

As you know there is still months away to Dec 31. Choosing another basic maybe better than I had chosen at the time I sold a security. It would be even better if I can make changes to the basic before I file my tax return next year.

I thought someone here would know instead of asking the custodian of my security.

What I really want to know is Can I change from one BASIC to another at the end of the year or before tax filing which is the following year?

@SLYKTAX , sorry that I provided info that you already you knew -- please forgive.

You wrote --> " Choosing another basic maybe better than I had chosen at the time I sold a security"

Thus you have chosen a basis -- you would be at risk of perjury if you now claim a different basis than what you told your broker at the time of the transaction . Please consider contacting your broker as to which lot he/she sold the shares from.