topic What does FIFO mean as a cost basis method? in Deductions & credits

What does FIFO mean as a cost basis method?

tram303 — Tue, 23 Mar 2021 18:19:30 GMT

I need to enter the cost basis but TT won't let me enter FIFO

Re: What does FIFO mean as a cost basis method?

NCperson — Tue, 23 Mar 2021 18:22:51 GMT

FIFO means 'first in first out'.... that would mean the first stock you bought is the first stock you sold

that comes up when you bought the same stock on different dates over time

Re: What does FIFO mean as a cost basis method?

Mike9241 — Tue, 23 Mar 2021 18:24:37 GMT

first shares in (bought) first shares out (sold). so if you buy on 2 different dates and sell after the second buy. it's the earliest purchase used to determine gain or loss. when it's asking for the cost basis it's asking for the $ amount. TT has no way to determine fifo.