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Conference nyoss1::market_investing

Title:	Market Investing

Moderator:	2155::michaud

Created:	Thu Jan 23 1992
Last Modified:	Thu Jun 05 1997
Last Successful Update:	Fri Jun 06 1997
Number of topics:	1060
Total number of notes:	10477

57.0. "Capital Loss" by PAMSRC::QUEUES::HARRIS () Wed Feb 12 1992 08:09

I have purchased shares in a company periodically for several years.

I now want to sell some of the first shares I bought.  This will result
in a capital loss.  When I file my taxes next year do I need to do
anything, or have done anything, to insure that the IRS accepts may
assertion that I am selling particular shares and that I do in fact
have a loss?

Randy

T.R	Title	User	Personal Name	Date	Lines
57.1	There's a place for dates	MINAR::BISHOP		`Wed Feb 12 1992 14:23`	11
	You specify the dates of purchase and sale on the IRS form, so you should have no problem picking which shares you sell. If you want extra insurance, write a letter to your broker directing that he or she sell the N shares purchased on MMM-DD-YYYY. It's trickier when you have mutual fund shares purchased over several years as a result of re-invested dividends, etc. Keep good records! I think the IRS has some default rules if you don't specify which shares are to be sold. -John Bishop
57.2		NOTIME::SACKS	Gerald Sacks ZKO2-3/N30 DTN:381-2085	`Thu Feb 13 1992 09:36`	6
	> It's trickier when you have mutual fund shares purchased over > several years as a result of re-invested dividends, etc. Keep > good records! I think the IRS has some default rules if you > don't specify which shares are to be sold. I believe the default is FIFO.
57.3	Selling Unspecified Mutual Fund Shares	PISMO::PRICE	W-phoria	`Mon Feb 17 1992 18:48`	8
	RE: .2: I just did my taxes and confronted a similar situation. Fortunately, my case was a gain vs. a loss. I had not specified which shares I wanted sold, so the rule is FIFO. I was able to get a complete account history from my Fund, which made the process a little easier. BTW, There is a recent topic in the original INVESTING Notesfile which also discusses the calculation of Cap. gains/losses for tax purposes. Gary