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Is it possible to change accounting method from FIFO to LIFO on equity sales after the fact?


I had long-term XYZ equity in my account, but wanted to leave it there long term and trade same security short-term. But under FIFO, as soon as I sold shares of XYZ, thinking I would see short-term gain, brokerage used cost basis from two years ago and I took a big hit (FIFO). Is it possible after the fact to stipulate shares a LIFO so I get tax benefit?

538 day(s) ago

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DorthyP 		Go to irs.gov. There is a form where you can change the accounting method. But if I were you, I'd stick to the averaging method because the IRS would like to see a conservative method use. If you trade often, there is a form for straddle transaction.

Posted 538 days ago

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