Question:
How do I document the sale and sell shares of a company purchased more recently for a short term capital loss instead of selling my longest held shares in the company for a long term capital loss? I am interested to make sure I document this properly for tax purposes and sell the shares I purchased most recently through my online brokerage account.
Answer:
"To identify the shares you're selling you need to do two things:
At the time of the transfer, specify to the broker the shares you are selling, and
Within a reasonable time thereafter, receive a written confirmation of that specification from your broker."
This is an extract of a more complete discussion on identfying the shares at
http://www.fairmark.com/capgain/ident.ht...
Because
we want profit
so we sale for loss......
profit ke liye ok
!
It is not possible as income tax department recognises FIFO method for accounting stock gain/loss. Under this method stock bought first is treated as sold when a sale takes place.
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