Today TaxMama hears from Richard in Oklahoma with this issue. “I sold some shares in a stock in January.
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Now I wish to change the lot designation of the shares sold, selecting shares (of the same stock) with a different cost basis and original purchase date.
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Can I do that for tax purposes?”
Dear Richard,
That’s a good question.
How did you designate the shares to be sold?
In your mind?
Or did you specifically instruct your broker to sell certain shares?
Or do have an online account – and within that account, you sold off specific shares?
Or…?
If it was all in your mind, there’s no record of your decision and you can now do anything you like.
But if you gave specific written instructions to a broker, or sold specific shares in your online account, I don’t really see how you can change your choices now.
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It’s already done.
I don’t really have any great ideas for you.
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But, perhaps our readers do. They’re pretty smart, you know!
And remember, you can find answers to all kinds of questions about selling stock and other tax issues, free. Where? Where else? At TaxMama.com
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